- EGO Token price has lost 66% in the past 40 days.
- EGO price is trading below the key moving average, showcasing the sellers’ dominance.
EGO price has witnessed strong selling pressure for a month, slipping below the key moving averages. It has decreased by 66% in the last 40 days, indicating the sellers’ dominance. Two weeks ago, the price retested the 50-day EMA and dropped by 30% till now.
EGO token price has formed a base near the $0.0200 hurdle in October 2023. It triggered a breakout from the consolidation zone in December 2023 and gained approximately 500% till mid-March 2024. The positive momentum was halted near the $0.1200 vault, and the momentum was shifted to the sellers’ hands.
The current market price of EGO (EGO) crypto is $0.0453 and has been down by 1.71% in the last 24 hours. Its market capitalization is $2.56 million, and the 24-hour trading volume is $1.14 million. The circulating supply is 56,608,820 EGO, and the fully diluted market cap is $14.63 million. It has a total and maximum supply of 323,000,000 EGO.
EGO Price Prediction: Is It Ready to Shoot Up?
The technical chart of EGO crypto displays that the price has been rising by taking support on the trendline. Currently, the asset price has melted to the trendline, and trying to defend it.
Assuming the EGO token price takes support on the trendline and trading volume increases, it may gain bullish momentum. If the price exceeds the key moving average and sustains, buyers may become confident and lift the price to the last swing high.
Alternatively, if the price fails to defend the trendline, it may fall to the major support level of $0.0330. Suppose the EGO crypto price consolidates near the $0.0330 level and triggers a breakdown. Sellers may drag down the price to a new all-time low.
Regarding technical indicators, MACD suggests that it has continuously formed red histograms for the last few weeks, indicating weakness. Recently, it has tried to shift to the green histogram but failed to continue, and red histograms were again formed. The digital asset price has been trading below the key moving averages, which showcases the negative forecast.
EGO Price Forecast Based on Technical Analysis Over 4-H Timeframe
The chart structure displays that the price has consolidated in a parallel channel for a few days and triggered a breakdown. After the breakdown, the EGO price has witnessed a sharp fall and is currently at the bottom.
In a 4-H time frame, the price has reached a double-bottom and is currently at a multi-day low. At this time, the price is falling below the last swing low. If buyers fail to bounce back, then the bearish trend may continue.
On the contrary, if the EGO token price takes support on the last swing low and forms a double-bottom pattern, it may gain bullish momentum. The buyers may show interest if the price surpasses the 50-day exponential moving average.
Conclusion
The EGO price has been bullish in a broader time frame, but sellers dominate in the short term. It has lost 66% in the last 40 days and reached a multi-day low. The price has slipped below the significant moving averages and is heading toward the primary support level of $0.0300. According to the technical analysts, the price will remain bearish below the key moving averages and may gain bullish momentum over the EMAs.
Technical Levels
Resistance: $0.0650 & $0.0560
Support: $0.0450 & $0.0300
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.