EGLD Price Prediction: MultiversX Price Eyes $30 Mark
MultiversX (EGLD) token has recently gained momentum and experienced a rebound from its support level at $23, indicating a potential recovery in the near future.
Investor sentiment has improved after a few positive sessions, which might benefit the price of MultiversX. However, the altcoin’s funding rate and open interest data suggest that investors remain skeptical at the moment.
The price action of EGLD indicates a downward momentum and bearish influence. Bulls have been struggling to surpass the 20-day exponential moving average (EMA) mark, suggesting weakness among buyers and the need for more momentum for an upward swing.
Currently trading at $26.13, EGLD has seen a surge of over 4% in the last 24 hours, bouncing off the support line at $25. This presents an opportunity for bullish investors as the altcoin has found strong support around the $23 mark.
A chart shared by Crypto Arab (@Cryptohelp90) on Twitter shows that EGLD has been trading inside a falling channel, suggesting a potential breakout soon.
The 20-day EMA has acted as a resistance level for EGLD, hindering its upward push. If bulls manage to surpass this level, the next target could be the 50-day EMA.
Technical indicators provide a mixed outlook. The Chaikin Money Flow (CMF) indicates ascending inflows, signifying increased confidence from investors. The MACD indicator shows a positive crossover, suggesting buyer accumulation in the past 24 hours. However, the RSI line remains near the midline zone, indicating a neutral outlook.
Weighted sentiment data has seen a vertical increase, reflecting investors’ optimism for EGLD. Social media buzz surrounding the coin has also increased, as shown by the surge in the social dominance curve.
The OI-weighted funding rate data implies a potential shift in market sentiment towards EGLD. The funding rate has remained positive for the past two sessions, indicating a bullish outlook and a willingness from traders to pay a premium for long positions. Additionally, Futures Open Interest (OI) has risen, suggesting fresh long additions in the last 24 hours.
If EGLD manages to break above the 20-day EMA level, it could potentially move towards $30 and then $35 in the coming sessions. However, if it remains below that EMA level, a retracement towards the $23 mark is possible.