Will the EGLD Price Break Above The Falling Wedge And Lead To Higher Levels?

The EGLD price has steadily decreased over the past four months. It led to a significant price decline and fostered a bearish sentiment among traders

MultiversX (EGLD) price showed a slight recovery on the technical chart. The token price was trading within a falling wedge pattern on the 1-day chart. EGLD price faced seller’s dominance and had a high price volatility of 5.55%.

MultiversX Price Analysis: Key Points

MultiversX price showed a slight recovery from the lower support of a falling wedge pattern.The token price faced seller’s dominance and had a high price volatility.A further breakout from the falling wedge could lead to higher levels.

MultiversX (EGLD) price showed a slight recovery from the lower support of a falling wedge pattern on the 1-day technical chart. The token price faced seller’s dominance and had a high price volatility.

MultiversX Token In A Falling Wedge

MultiversX price faced a continuous decline over the past four months. This led to a significant price drop and instilled a bearish sentiment among traders. This prolonged downward movement brought the token to new lows, indicating a sustained weakness in the market.

After hitting a swing high at $80.85 in mid-March 2024, EGLD price showed a continuous decline. This marked a strong downtrend with lower lows being established as the token price moved down.

Recently, MultiversX price has been trading within a falling wedge pattern, touching the lower band of this formation. This pattern usually indicates a potential reversal if certain conditions are met.

If the token price rebounds from this level and breaks above the falling wedge, it could signal the beginning of a strong upward move, instilling hope for a significant price surge in the near future.

Technical Indicator For EGLD Price

EGLD price showed a strong downtrend with the 50-day and 200-day EMA trading in a prolonged death cross. This bearish crossover pushed the token price below these key moving averages, reinforcing the negative sentiment in the market.

EGLD/USD Chart by TradingView.com

The MACD and signal lines also formed a death cross, moving into the negative territory. This decline was accompanied by bearish histograms on the chart, signaling a continuation of the downward momentum.

The RSI indicator also depicted the bearish trend, dropping below the 14-day SMA and entering the oversold zone. This suggests that the selling pressure remained strong, with no immediate signs of reversal.

Regarding key levels, EGLD token might find support at $18.00 and $22.00. On the upside, resistance levels are projected at $45.00 and $57.00. These levels could act as significant barriers if MultiversX price attempts a recovery.

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