Cryptocurrencies started to move in a positive direction again this Friday, August 23, after Jerome Powell’s dovish speech at the Jackson Hole Symposium. In this context, trading experts, analysts and investors expressed their thoughts on Bitcoin (BTC) and promising altcoins to watch.
A cryptanalyst known as LLuciano_BTCwhich also passes by Lucky— was one of those traders, calling the price chart a “bullish forecast.” In particular, Lucky reported a 24-hour increase in MultiversX (EGLD) by 10.41% to $31.40 per token at the time of publication.
Notably, the chart shows a falling wedge with two tests of support and three tests of resistance. This chart pattern illustrates an asset losing its bearish momentum, usually breaking out after this formation amid rising bullish sentiment.
MultiversX (EGLD) Price Forecasting and Fundamental Analysis
If EGLD breaks out of this pattern with sufficient volume, Lluciano_BTC predicts a first price target of $45.67. The analyst’s breakout target would mean a 43.75% rally for MultiversX, likely squeezing out EGLD short sellers currently sitting at $31.77.
Interestingly, the token is starting to build momentum after breaking above the 30-day exponential moving average (30-EMA), creating support at $29. There is potential resistance just above $42 with the 365-day EMA likely to rise to meet Luckytarget.
Overall, MultiversX stands out in the crypto space by being the first blockchain to fully implement sharding technology. As a pioneer, the chain benefits from battle-tested scalability, among other innovative developments such as on-chain two-factor authentication (2FA).
The network has one of the largest numbers of validator nodes among its competitors, second only slightly to Ethereum (ETH). Additionally, the coin has a maximum supply of 31 million EGLD, which transaction fees can replace as its usage increases.
LLuciano_BTC also highlighted some fundamental aspects that support his bullish analysis of EGLD. For context, the trading expert is a self-proclaimed “Bitcoin OG,” active since 2015, with over 2 million followers on X.
“Incredible team, supportive community that EGLD truly builds all the time!”
Lucky (LLuciano_BTC)
$BTC has started moving, so #altcoins! 🔥
The $EGLD – @MultiversX chart shows a bullish outlook. The current price of $EGLD is around $31.40, and the recent gain in the last 24 hours is around 10.41%.
Incredible team, supportive community 🔥 $EGLD really… pic.twitter.com/dyamCVBU23
— Lucky (@LLuciano_BTC) August 24, 2024
EGLD has already been mentioned by other investors as a promising cryptocurrency to watch from a fundamental analysis perspective, as reported by Finbold twice, namely Justin Bones and DBCrypto.
However, the investment opportunity comes with inherent risks given MultiversX’s current low market cap of under $1 billion. Crypto traders and investors should remain cautious and closely monitor relevant events that may impact the price of EGLD.
Disclaimer: The content of this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
