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The past 24 hours have been a period of significant trading activity for MultiversX (EGLD). According to CoinMarketCap, the daily trading volume for EGLD has surged approximately 674.76% in the last 24 hours – taking the total trading volume for the last day to around $164,413,201.
This spike in EGLD’s trading volume has had a positive effect on the altcoin’s price, as EGLD currently trades at $47.15. This is a 24-hour gain of more than 20% for the crypto. Furthermore, the crypto displayed similar performances against the two crypto giants Bitcoin (BTC) and Ethereum (ETH). At press time, EGLD is up 17.53% against BTC and 17.87% against ETH.
The recent increase in EGLD’s price has launched it past the resistance level at around $44.25, flipping the mark into support in the process. The crypto’s price then attempted to do the same with the $50 benchmark but instead received a rejection – causing it to retrace to its current price.
Notably, the 9 EMA line on EGLD’s 4-hour chart has crossed above the 20 EMA line over the last 24 hours, which signals that the altcoin’s price has entered into a short-term bullish cycle. In addition, traders and investors will want to note that both the 9-and-20 EMA lines on EGLD’s 4-hour chart have also crossed above the 50 EMA line.
If EGLD’s price is able to remain above the $45 level for the rest of today’s trading session, then the altcoin will most likely receive a second pump from the market. This potential price pump may be strong enough for EGLD’s price to successfully break past the $50 level in the next 48-72 hours.
On the other hand, a break below $45 before the end of today’s trading session will result in EGLD’s price seeking support from the recently-flipped $44.25 level. If this level then fails to hold, the altcoin’s price will likely pull back to $42.66 in the days that follow.
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