MultiversX (EGLD) Price Prediction and Fundamental Analysis

This article will deep dive into the MultiversX (EGLD) project, its recent developments, and its future prospects.

Cryptocurrencies resumed positive movements on Friday, August 23, following Federal Reserve Chair Jerome Powell’s dovish speech at the Jackson Hole Symposium. In this context, trading experts, analysts, and investors shared their perspectives on promising cryptocurrencies.

Among these traders was the crypto analyst known as LLuciano_BTC, who also goes by Lucky, shared a “bullish outlook” price chart on his trading insights.

Specifically, Lucky reported a 10.41% 24-hour surge for MultiversX (EGLD) at $31.40 per token by posting time.

The chart in question highlights a falling wedge pattern with two tests in the support line and three tests in resistance. This chart pattern is used to identify an asset that is losing bearish momentum, usually breaking out of this formation amid a growing bullish sentiment.

If EGLD breaks from this pattern with enough volume, LLuciano_BTC anticipates a first price target of $45.67. The analyst’s breakout target would indicate a 43.75% rally for MultiversX, likely putting pressure on EGLD short-sellers, currently at $31.77.

Interestingly, the token begins building momentum after breaking out of the 30-day exponential moving average (30-EMA), forming support at $29. There is a potential resistance right above $42 with the 365-day EMA that could surge to meet Lucky‘s target.

Overall, MultiversX stands out in the cryptocurrency space as the first blockchain to fully implement the sharding technology. As a pioneer, the chain benefits from battle-tested scalability, among other innovative developments, like on-chain two-factor authentication (2FA).

The network has one of the largest validator’s node counts among its competitors, only closely losing to Ethereum (ETH). Moreover, the coin has a maximum supply of 31 million EGLD that transaction fees can replace as its usage increases.

LLuciano_BTC also highlighted some fundamental aspects which contribute to his bullish EGLD analysis. For context, the trading expert is a self-proclaimed “Bitcoin OG,” operating since 2015, with over 2 million followers on X.

“Incredible team, supportive EGLD has really been building constantly!”

$BTC has started moving so the #altcoins! ?The $EGLD – @MultiversX chart presents a bullish outlook. $EGLD current price approximately $31.40, with a recent increase of about 10.41% in the last 24 hours.Incredible team, supportive community ? $EGLD has really been… pic.twitter.com/dyamCVBU23

Other investors have already mentioned EGLD as a promising cryptocurrency to watch from a fundamental analysis perspective, as reported by Finbold on two occasions – namely, Justin Bons and DBCrypto.

However, it is crucial to note that this investment opportunity comes with inherent risks, considering MultiversX's current low capitalization, which is less than $1 billion. Crypto traders and investors must remain vigilant and closely follow related developments that can affect EGLD’s price.

The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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