MultiversX Price Analysis: Will EGLD Coin Give Breakout?

• MultiversX (EGLD) is currently trading at $32.90 with a rise of 3.88% in the 24 hours.
• The MultiversX price is observing an increase of 13.67% in the last 7 days.

• The EGLD market capitalization is $851321180.

Trend Evaluation

By evaluating the price data of the EGLD coin, it can be said that it is in a downtrend currently. The price inclined by 13.67% in the last seven days and we can say that MultiversX performed well last week. From its peak price of $545.64, it fell -93.90% in the last 2 years. The coin demolished the major investor’s wealth. The current market sentiments are not good about the coin. No huge volume is present in it. Buyers are not available in the present market scenario and they are also not taking any interest in buying. The market is under the control of the bears.

MultiversX (EGLD) Technical Analysis

The price of MultiversX (EGLD) has slipped below 50 and 200 EMA, which suggests that the price is in a bearish trend. There is a possibility that the coin’s value will fall even further in the upcoming week if the seller continues to push the price down. The price has been consolidating near 200 days EMA again which shows that bears are not in the mood to give power to bulls. A death cross has also been seen in the chart between 50-day and 200-day EMA.

The technical indicator MACD is also in the negative zone. The MACD line at -1.41 and signal line at -1.70 is below the zero line, suggesting that the MACD is in negative territory and is giving bearish signals.

The current value of RSI is 47.16 points. The 14 SMA line is currently below the median line, around 30.65  points which shows bearish sentiment in the market. The 14 Day SMA line below the median line indicates a bearish trend. The bearish sentiment spreads around the market as the price is currently at an oversold zone.

Trendline Analysis:

The price has respected its significant trendline support, and it is going toward resistance. If the price breaks the trendline, then it will go up to the next resistance and if it gets rejected by the resistance, then it will come back to the current support.

Volume Analysis:

MultiversX (EGLD)’s trading volume of 24 hours is $18691050, with a 56.10% increase in volume in the last 24 hours. There is a significant boost in the volume of the coin.

Technical Levels-

Support – The current support level of EGLD is $27.87

Resistance –The current resistance level of EGLD is $43.92.

Conclusion

EGLD is facing a tough time in the market. The price action suggests that the price may fall more in the upcoming days if it broke its primary trendline support level. EGLD price shows a pessimistic scenario at the moment. Major reliable indicators like EMA, RSI, and MACD give negative signals about the MultiversX coin. The fear is growing among investors because of the poor performance of the coin. Recovery signs are not visible in the coin as well.

Disclaimer

The analysis given in this article is for informational and educational use only. Do not take this information as financial or trading advice. Trading and investing contain financial risk. Before making any investment or trading decision, please consider your risk profile and circumstances.