EGLD price prediction is bearish till it trades below $36.00. However, it suggests that the price looks oversold and a short-term relief rally may trigger anytime from the lower levels.
MultiversX price is trading below the 50-day and 200-day EMA showcasing a downtrend. However, the current price has gone far away from the EMAs so a temporary pullback rally is possible.
In the mid of August, the EGLD price broke the $30.00 support. It hurts the sentiment of investors and invites further decline.
Previously, buyers tried multiple times to climb above the 50-day EMA but prices were rejected. It shows that the sellers are still active and continuing their dominance.
Presently, EGLD price is stuck in the narrow range between $24.00 to $28.00 and trying to form a short-term base. However, the bears look more active as compared to bulls so the probability of upside reversal is low.
MultiverseX price is trading at $24.77 with an intraday decline of 0.08%. The 24-hour volume to market cap is 1.58%.
Will EGLD Price Show Some Relief Rally in Sep?
EGLD price prediction is favoring the bears and no strong signs of recovery are visible. If any short-term pullback came then it might face difficulty to hold the higher levels.
Till MultiversX crypto price is trading below $36.00, it is expected to remain in bears’ grip. However, if buyers succeed in breaking out of the $36.00 then a sharp rise toward $40.00 is possible.
On the other hand, if the EGLD price dropped below $24.00 then the correction might continue for some time. The technical analysis suggests that the short sellers are active in EGLD but a short squeeze may come.
MultiversX Price Forming Doji Candle
MultiversX price is forming a Doji candle on the weekly time frame. It indicates indecisiveness. The crypto leader BTC and ETH price is recovering so it might positively impact the prices of EGLD and other altcoins.
The MACD curve is below the zero line but sloping sideways. It indicates prices might spend some more time in consolidation. The RSI at 30 denotes weakness but it is near to the oversold territory so a relief rally may trigger anytime.
EGLD price prediction is bearish for the long term till EGLD crypto trades below $36.00. However, the prices look oversold so a short-term pullback rally is possible. The technical analysis suggests that the MultiversX price is in bears’ grip but if a short squeeze triggers then regaining $30.00 is possible.
- Resistance levels: $28.00 and $32.00
- Support levels: $23.88 and $20.00
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.