- In the last 24 hours, the trading volumes of the EGLD crypto are flat.
- The MultiverseX price is following a strong uptrend on the daily charts.
MultiversX, formerly Elrond, is a blockchain featuring adaptive state sharding and secure proof of stake for scalable decentralized applications. The native token, eGold (EGLD), incentivizes validators and serves as a utility coin for MultiversX network services. Founded in 2017, Elrond underwent rebranding to MultiversX for enhanced functionality.
The USDT covers the highest trading volume of the currency pair of EGLD crypto. It hit an all-time high price of $545.64 over two years ago.
MultiverseX has a volume/market cap ratio of 0.02. It follows up a market cap rank of #53 as per Coingecko. The current market cap of crypto is $1.162 Billion, leading to a decline of -3.11% in the last 24 hours. That results in a market cap dominance of 0.079%.
The derivative data of the EGLD crypto is flat indicating uncertainty. The derivative volume has advanced by 22.90%, resulting in $62.87 Million. This crypto’s long/short ratio is 0.8979. It indicates the lack of interest of traders in the community.
MultiverseX Price Technical Analysis
After advancing to certain highs the EGLD crypto is currently taking pause at higher levels. The crypto might be accumulating the price and getting ready to shoot for the next spike.
EGLD/USD Chart by TradingView.com
On the daily timeframe, the EGLD crypto can be seen consolidating in a small zone. The price must spend some more time inside the consolidation zone to give a fair breakout.
The 50-day and the 200-day EMAs are trading in a golden cross while the price is also trading above the 20-day EMA. The EGLD price is currently trading in the band of the 20-day and the 50-day EMA. If the price manages to sustain above the following EMAs and breaks above the previous swing high, it might continue to advance to higher levels.
The MACD on the other hand is witnessing retracement as it is giving a sell signal above zero level. The indicator is also building up red volume blocks. It shows that the price might be taking a pause and changing its trend.
TVL vs Volume Of MultiverseX
The trading price of the EGLD is advancing with the advance in TVL. It represents that the crypto is gaining the trust of the users and the activity in the market is increasing. Despite that, the volume of the crypto is constant and has not witnessed any significant change.
The EGLD crypto price is taking resistance at the higher levels and is reversing from a very important swing high zone. Although crypto is facing at higher levels and the price is consolidating, the trend is still intact to bullish.
Conclusion
EGLD is consolidating in a small zone after breaking above a resistance level. The EMAs and the TVL are also showing positive signals. EGLD has the potential to resume the uptrend and reach new highs in the future.
Technical Levels
- Support levels: $28.90 and $38.40
- Resistance levels: $52.20 and $57.50
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.