- MultiversX coin’s OI increased by 47% in today’s market session.
- The MultiversX coin has a volume of $88 Million.
- MultiversX’s price is showing signs of recovery.
MultiversX is a blockchain-based protocol with a focus on optimizing transaction speeds by implementing sharding. This initiative positions itself as a comprehensive technological environment for the evolving Internet landscape, covering domains like financial technology, decentralized finance, and the realm of the Internet of Things (IoT).
The EGLD coin is currently consolidating within the $23 to $28 level and the price is showing a sign of reversal, after a huge fall. Notably, the Open Interest (OI) for EGLD has surged to $28 million, marking a substantial 47% increase in today’s market session. This spike in OI suggests growing interest from buyers looking to enter the market, potentially contributing to an uplift in the coin’s price.
The EGLD token is currently trading at $29.9, displaying a 1.2% increase in today’s session. Its average trading volume stands at $88 million, showing a 9% uptick. CoinGlass.com reports this volume increment as a positive indicator for price trends.
The EGLD coin hit an all-time high of $542.58 back in November 2021, after which it began a decline that ultimately exceeded 95%. Recently, the coin has found support at the $23 level, leading to a period of consolidation over the past few weeks. This consolidation may pave the way for a potential recovery in the near future, considering the overall pattern currently appears positive.
The technical indicator summary also recommends a buy signal for the EGLD stock. Out of the 26 top indicators, the majority of them give a buy signal. Thus, this increases the probability of a price rise in the upcoming days.
MultiversX (EGLD) Technical Analysis
EGLD by writer50_tcr on TradingView.com
The RSI for MultiversX is presently situated in the bearish zone, with the SMA line trading beneath it. This configuration indicates a negative perspective for the EGLD token and the potential for a price decline.
Additionally, the MACD line is positioned below the signal line, which is a fragile indicator for the coin. This crossover suggests an increase in bearish sentiment in the coin’s price.
Conclusion
In conclusion, the EGLD coin is showing signs of trend reversal. The price has taken the support and presently consolidating nearby. The price has also shown an increase in the trading volume and the open interest. The indicators are also positive for the EGLD coin. Hence, the price is likely to show a trend reversal in the upcoming days.
Technical Levels
- Support Level: $23.08
- Resistance Level: $28.9
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.