Analysts Are Optimistic On EGLD, Can It Unfold 10x Highs?

• 1 The market value rose 8.82% with a trading volume surge of 188.33%, and Derivatives trading volume spiked by 329.09% in 24 hours.
• 2 Recent bullish signals indicate a potential recovery, with analysts predicting a $300 price target.

The MultiversX (EGLD) stopped building a lower low structure and has taken support from the crucial support of $26.95 by June 24th, 2024. The bull’s activity increased this week as its price showed an 11.35% surge and 5.23% on intraday, where it exchanged hands at the price of $32.49 (at press time).

MultiversX (EGLD) crypto optimized by 8.82% in market value and surged by 188.33% in trading volume in the last 24 hours, as per Coinmarketcap. Market cap stood at $881.689 Million, and its trading volume was $53.445 Million. 

Meanwhile, in the crypto landscape, the market cap dominance of Multiverse (EGLD), which stood at 0.03%, ranked 77th on Coinmarketcap. There are 27.132 Million EGLD in circulation, which makes 86.36% of the total supply of 27.137 Million EGLD.

Security Score | Source: Chainbroker.io

EGLD has a security score of 92.80, verified by Certik Skynet, with an AA-tier security. The crypto asset is backed by Maven11 Capital, Woodstock, Binance Labs, NGC Ventures, and Electrical Capital.

Brokerscore | Source: chainbroker.io

The Brokerscore by the Chainbroker website shows that its financial health is good, as it has been rated 9.92 out of 10. Meanwhile, the awareness among people is pretty impressive, as it scored 9.38 out of 10.

The crypto earned a score of 6.89 out of 10 in all aspects (such as fundamentals, performance, financial, social, and roadmap).

MutiversX (EGLD) Derivatives Data Analysis!

EGLD open interest stood at $23.75 Million. As per Coinglass, it rose by 20.22% in the previous session. The long versus short ratio for 24 hours is 0.9316. The short liquidation stood at $63.75K versus $38.11K for the long liquidation. The liquidation chart exhibited that higher short liquidation indicated that the bulls are gaining control over the price.

Derivatives Data Of MultiversX (EGLD) | Source: Coinglass.com

Similarly, in the past 24 hours, MultiversX (EGLD) has recorded a strong surge of more than 329.09% in the trading volume of the derivatives.

What does the Rich List Highlight?

Per the CoinCarp, the mainnet holders are 37.76 million, whereas the top 10 holders based on the rich addresses hold 70.18% of the overall supply.

MultiversX Holders | Source: Coincarp

The graph of holding addresses w.r.t time of Mutiversx has exhibited a continuous growth from September 2023, where holders were 2.36 million, which by time increased massively by July 23rd to 37.76 million.

What Does its Past Price Structure Highlight?

MultiversX (EGLD) has increased from $22.38 support in October 2023 and showed 245% gains, which reached $75.22 by December 2023.

From the $75.22 supply zone, the price fell and took support at a dynamic upward trendline at $50 and spiked by more than 50% to test the supply zone of $75 by March 15th. However, the bearishness restricted gains, and the profit booking led to the double top formation.

EGLD breached the major upward trendline by April 3rd and fell to $37 by mid-April, and the consolidation formed a descending triangle that gave its breakdown by June 7th and fell to $26.95 by June 23rd.

MultiversX 1.D. | Source: TradingView

However, EGLD recovered as the price showed bullishness from a crucial level of around $26.95 on the daily chart.

What’s Next to Come in EGLD Price on Daily Chart?

The EGLD has shown bullish signs, and it has the potential to increase further. It has performed well in the past week despite the bearish trend.

An analyst, @Cristian Chifoi, highlighted his drawing in a post on the X, where he stated optimistically that the next set of waves looks due. His drawing shows a prediction of his, where a parabolic move could lead to EGLD price to around $300(almost 10x).

I don't know about #EGLDSqueeze but if this was the deviation lower to scare salad hands

Then the next set of waves is due until the prices are met, before the cycle is over

The chart doesn't care about your opinion of tech, adoption, team or memecoin launches. $EGLD https://t.co/T6xXVNcwhL pic.twitter.com/DSrbQA86gI

— Cristian Chifoi (@ChifoiCristian) July 1, 2024

Based on the analyst hypothesis, judging by the daily market price(at press time), the EGLD crypto looks to crack the resistance level above and skyrocket from the current support zone at $26.95.

MulitversX Forecast and Indicators Overview! 

The EGLD asset has exhibited bullish strength from the key support and rising capacity as it approaches the major dynamic EMA bands from below.

Similarly, the MultiversX (EGLD) asset has displayed bullish behavior, as MACD showed a growing histogram at 0.56, with a strong bullish cross. The RSI is headed for the overbought zone jumping from 14 SMA, which flashed at 52.40 (at press time).

Therefore, if the demand for the asset price advances, the EGLD asset price could bounce back from the current level. The rally’s next target would be to reach $37 and $45, respectively.

However, if the MultiversX crypto price fails to stay above the $26.95 level, it could decline further towards $22.38. So, investors should stay cautious (DYOR).

EGLD Witnessed a Price Surge

MultiversX (EGLD) found support at $26.95 on June 24th, 2024, and saw an 11.35% weekly price increase, reaching $32.49. The security score is 92.80, with backing from top firms. Derivatives trading volume spiked by 329.09% in 24 hours.

MultiversX (EGLD) has shown strong gains, reaching $75.22 in December 2023 before facing resistance. It fell to $37 in April, forming a descending triangle and dropping to $26.95 by June. However, MACD and RSI indicators support this bullish trend, with targets at $37 and $45, and failing to do so could drop to $22.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.