- NGL crypto price surged 16.42% during the weekly trading session.
- Technical indicators summary suggests a bearish signal in the current phase.
- The trading volume reached $3.07 million, an increase of 5% in the last 24 hours.
Entangle (NGL) connects any assets, protocol, or network to the rest of the blockchain ecosystem. The one-stop shop enables the tokenization of assets and facilitates omnichain gaming interactions or integrations. By allowing the creation of new cross-chain DeFi and Liquidity products, Entangle is playing a significant role in the omnichain evolution of the crypto industry.
2024 Entangle Crypto Performance, Supply, and Valuation
NGL crypto experienced a significant correction period in December 2023. The price reflected a 58.48% decline in that month. The end of the correction period enables a positive attitude toward the market sentiments. However, the crypto price reflected weak performance in January and February 2024.
Conversely, March 2024 became an investing spot for crypto traders and cruisers. The cryptocurrency recorded over 80% of positive profits during that month. However, the Entangle price reached the $0.255 supply zone initially created in December 2023. The crypto got a strong bearish response from that level, reflecting a 41.23% decline in April.
The maximum supply of the cryptocurrency is locked at 1.00 billion NGL tokens. There are 109 million tokens currently circulating in the market. Entangle has a current market capitalization of $169 million, and its total diluted valuation is estimated at around $1.54 billion. The crypto reflects decent liquidity with a VMR ratio of 1.84%.
Technical Analysis of the Entangle (NGL) Price
The current price slipped below the critical exponential moving averages, indicating short-term bearish sentiments and uncertainty in the trend. If the price rebounds, the 50-day and 200-day EMAs, the price can continue the bullish trend.
NGL price faced resistance from the $0.255 supply zone. Afterward, the price negatively moved to the $0.111 demand zone. In recent sessions, multiple bullish candles have been formed from that demand zone, and the current price is trading at $0.121. The NGL price can retest the $0.168 resistance and fall to the $0.111 demand zone. Or if the price closes above $0.192, the price can reach the $0.255 supply zone.
Furthermore, the relative strength index (RSI) shows strong bullish momentum in the current phase. The RSI and the signal line also had a golden crossover, indicating a shift in strength. The RSI is moving at 41.13 above the signal line.
Summary
NGL crypto price has been reflecting uncertainty in trend since December 2023. However, the cryptocurrency managed to keep over 320% positive six-month returns. The current Entangle price is trading at $0.121. The NGL price can retest the $0.168 resistance and fall to the $0.111 demand zone. Or if the price closes above $0.192, the price can reach the $0.255 supply zone.
Technical Levels
- Resistance Levels: $0.168 and $0.255
- Support levels: $0.088 and $0.051
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.