MultiverseX Crypto Experiences Unbelievable 4X Volume Surge: Does This Indicate a Positive Outlook for EGLD Price?
Specifically, multiverseX crypto (EGLD) has experienced a significant surge in trading volume over the last 24 hours, now reaching +483%, and this notable uptick in trading activity has driven the EGLD price up by an impressive +20% overnight.
Co-founder Beniamin Mincu and his team have been relentlessly developing various utilities and enhancements for their network. In his most recent news, they showcased their workspace and highlighted some key strategic meetings on the horizon, along with the upcoming Supernova upgrade and its potential effects.
Take a look at the brief video below.
— Beniamin Mincu |
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Given the solid fundamentals and a team that has consistently advanced even during the bear crypto market, it’s apparent that there were sufficient resources to maintain progress. This reflects strong management. Now let’s delve into price analysis!
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EGLD Price Analysis: Surge in MultiversX Crypto Volume Sparks Recovery in Accumulation Zone
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We begin today’s analysis by examining the Monthly chart. The pivotal candle that initiated the surge in late 2020 and early 2021 serves as a crucial reference point. Analyzing smaller timeframes without understanding the broader context can be daunting.
What we observe here is that the peak of this range acted as support in 2023 and 2024, and this year, the price has entered this zone. What do we hope to see next?
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Zooming In: What Is the Current Trend for EGLD Price on Short-Term Timeframes?
On the Weekly chart, we see a Uptrend Engulfing candle emerging from a dip to around ~$12 and nearing the $21 mark. Ideally, we’d want to regain the $21 level and maintain it as base level. That would indicate this dip was a deviation and we could anticipate a movement towards the upper boundary of the range.
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On the 4H timeframe, the impressive 480% rise in trading volume is evident – accompanied by a solid candle towards the recent peak. The EGLD price has regained position above all the moving averages. Moving forward, we hope to see the RSI cool off, since it’s currently overbought, followed by a retest in the $15-$16 range to continue reclaiming $20.
This will signal an initial indication of a potential price breakout rally as it would break any remaining pessimistic structure. Once this occurs, traders can begin to identify long positions with assurance. Happy trading!
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MultiverseX crypto (EGLD) Incredible Surge: Are We Looking at a Bullish Scenario?
- Support level from 2023 and 2024 has been breached and needs to be restored
- RSI appears overextended on the 4H chart
- The crucial level to monitor is $20
The article MultiverseX Crypto Hit With Insane 4X Volume Pump: Is it Optimistic For EGLD Price? first appeared on 99Bitcoins.
