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The cryptocurrency trader and analyst Crypto Tony shared in an X post earlier today that he anticipates a brief dip in the price of MultiversX (EGLD) to retest a key support level at $25.81. Thereafter, he predicted that there may be a sharp buyback, triggering a long position.
$EGLD / $USD – Update
— Crypto Tony (@CryptoTony__) September 17, 2023
Another play i am sharing here with you all. Looking for that dip down into support and sharp buyback, for a long trigger đź’Ż pic.twitter.com/pgTpJBlPrV
Meanwhile, CoinMarketCap indicated that EGLD’s price had risen 3.88% over the past 24 hours. As a result, the cryptocurrency was valued at $26.04 at press time. This latest increase also added to EGLD’s positive weekly streak. Subsequently, the altcoin’s price was up 8.70% over the past 7 days as well.
From a technical standpoint, EGLD’s price was trading above the $25.81 level highlighted in Crypto Tony’s tweet. It had dipped below this significant price point during today’s trading session to reach a low of $26.64. Bulls, however, stepped in to push the altcoin’s price back above the mark.
As a result, EGLD’s price may attempt to break above the 50-day EMA line at $27.19 in the coming few days if it is able to close today’s daily candle above $25.81. Thereafter, the cryptocurrency may have the support needed to flip the $28 resistance into support. This bullish thesis will be invalidated if EGLD closes today’s trading session below $25.81.
In this scenario, EGLD may be at risk of correcting to the immediate support at $24 in the following week. Investors and traders will, however, want to take note of the fact that the 9-day EMA line was closing in on the 20-day EMA line.
If these 2 technical indicators cross in the coming 48 hours, it will signal that buyers have gained the upper hand. This may then lead to ELGD’s price rising to potentially break above the aforementioned 50-day EMA line.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.