thecoinrepublic.com
- 1 MultiversX price is currently trading at $32.53 while witnessing a loss of 0.49% during the intraday session.
- 2 EGLD price trades below 20, 50, 100, and 200-day EMAs.
- 3 The year-to-date return of MultiversX is -1.31%.
EGLD price faced rejection from $38.10 which halted the bullish rally since then it has been declining sharply. The cryptocurrency price saw a rise after the price faced many rejections from $29 and formed support at $29.40.
The catalyst of bullish momentum was the announcement by BlackRock, an investment banking firm, filing for Bitcoin Spot ETF. However, the bullish move was not successful in pushing prices above $40.
After the rejection of $38.10, the price gained bearish and shattered the psychological level of $35. Recently, EGLD price formed a support at $33 to slow down the bearish momentum but the move turned out to be a short-term pullback for the price to fall further down. The support level of $33 was also broken and currently, the price has formed support at $32.
The current price action shows that bears are present in the market and trying to push the price further down as the previous candle closed as a bullish doji candle with a long upper wick.
If a candle can close below $32 and the next candle breaks the low of the previous candle, there is a possibility that the price might head down toward the next support level of $30, causing a downfall of 6.25%. On the other hand, if bulls can push the price above $34, there is a clean move waiting for the price to head toward $37 but requires strong bullish momentum in the market.
MultiversX Chain Analysis
The total value locked of MultiversX has soared from $54.4 Million to $98.3 Million between 18 July and 19 July 2023 which is a positive sign for the platform. The TVL has surged nearly 80.4% in the past 30 days.
The daily active addresses peaked on 20 July 2023 reaching 32,370. Since then, there has been a sharp decrease. The current active addresses have declined 1.3% in the past month to 11,960. The daily transactions have also taken a hit, decreasing 17.5% to 55,824.
Will EGLD Price Break $32 Minor Support?
The cryptocurrency price trades below 20,50,100 and 200-day EMAs, indicating bearish momentum. Chaikin money flow score is -0.10 implying weakness in the market. The relative strength index has dropped to 38.66 suggesting bearish momentum in the price and is slowly nearing the oversold zone.
The Bollinger bands have expanded showing that there is a rise in volatility. The long/short ratio is 1.06 with 51.59% longs and 48.41% shorts suggesting that there are higher positions from the buying side.
Conclusion
The market structure and price action of MultiversX are bearish and technical indicators paint a bearish picture of the price.
Technical Levels
- Major support: $32 and $30
- Major resistance: $33 and $37.20
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 other advice. Investing in or trading crypto assets comes with a risk of financial loss.