- 1 MultiversX cryptocurrency price is currently trading at $57,523 with a gain of 3.05% in the last 24 hours and the current market capitalization of $1.52 billion.
- 2 The price of EGLD increased by 15.62% this week, demonstrating a bullish attitude.
MultiversX price is gaining momentum and has broken above the 20, 50, 100 and 200 day EMAs on the daily time frame, indicating a bullish attitude in the previous trading sessions. The technical chart shows a breakdown of the falling pattern with the breaking of the neckline as the cryptocurrency had strong upward momentum.
The cryptocurrency tested the demand zone near $50 several times, finding support and recovering. The bulls have regained strength and are targeting the $70 level in the coming trading sessions.
The chart structure shows a volatile movement in the previous months, with the cryptocurrency facing multiple rejections from the $80 offering range. The lower levels near $50 acted as a support region and the cryptocurrency rebounded from there, taking the price above the key EMAs.
Likewise, the trajectory of the EGLD cryptocurrency shows that above $80, the zone is bullish and a rally could be seen. However, if further rejection occurs on the chart, the price will continue to trade in the negative zone. Likewise, below $50, the decline could extend.
At the time of writing, MultiversX cryptocurrency was trading at $57.523 with a slight intraday loss of 3.05% breaking above key EMAs, showing a bullish attitude on the charts. Furthermore, the intraday trading volume is 27.88 million and the market capitalization of the MultiversX cryptocurrency is 1.52 billion.
Technical analysis of the price of MultiversX cryptocurrency on a 1-D time frame
Source: MultiversX.1D.USD by TradingView
Currently, MultiversX (USD: EGLD) cryptocurrency is trading above the 50-day and 200-day DMAs (daily moving averages), which support the price momentum.
Furthermore, if the buying volume increases, the EGLDUSD price could sustain the bullish momentum by reaching higher highs and new highs. Therefore, the price of Multiverse is expected to increase upwards giving a bullish outlook on the daily timeframe chart.
The current value of the RSI is 56 points. The 14 SMA is below the midline at 43 points, which indicates that MultiversX cryptocurrency is bullish.
The MACD line at -1.015707 and the signal line at 1.914604 are heading above the zero line. A bullish crossover is observed in the MACD indicator, signaling the strength of the price momentum of the EGLD cryptocurrency.
Short-term frame analysis
MultiversX cryptocurrency showed the strength of buyers and profit booking in the cryptocurrency was noticed in the short-term charts. Furthermore, the price was trading above the major EMAs, which shows further strength in the cryptocurrency price.
The RSI curve is close to the overbought region at 70.97 and a negative outlook has been noted, indicating a bearish attitude in the cryptocurrency. The MACD indicator also continued to form green bars and a bullish crossover was noticed, signaling bullish movements in the coming sessions.
Summary
MultiversX (USD: EGLD) technical indicators support the bullish momentum. MACD, RSI and EMA are all showing positive signals, suggesting that the uptrend is likely to continue. On the 1-day time frame, the price action suggests that investors and traders are bullish. There is a bullish outlook reflected in the price action at the moment. However, investors and traders should avoid FOMO by waiting for the appropriate settings before moving forward.
Technical levels
Support Level: $52.86.
Resistance Level: $60.00.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment or other advice. The author or persons mentioned in this article are not responsible for any financial losses that you may experience from investing or trading. Please do your research before making any financial decisions
Stephen George
Steefan George is a cryptocurrency and blockchain enthusiast, with considerable knowledge of the market and technology. Having a degree in computer science and an MBA from BFSI, he is an excellent technology writer at The Coin Republic. His passion is to bring a billion human population to Web3. His principle is to write how to “explain to a 6 year old”, so that a layman can learn the potential and benefit from this revolutionary technology.
