Will the EGLD Price Break Above The Falling Wedge And Lead To Higher Levels?
- WBOYOriginal
- 2024-09-07 03:30:10870browse
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.
The above is the detailed content of Will the EGLD Price Break Above The Falling Wedge And Lead To Higher Levels?. For more information, please follow other related articles on the PHP Chinese website!