EGLD (MultiversX), a strong uptrend on the horizon?

In this new Monday analysis, we will take a look at the project’s cryptocurrency EGLD MultiversX (formerly Elrond). The past few months haven’t been easy for this asset, which has continued downwards with multiple rejections at technical levels. upward trend experienced by cryptocurrency market EGLD has benefited since the start of the year, but despite all that, is the downturn definitely behind it? Without further ado, we’ll jump to TradingView to identify technical levels to watch and biases to favor for the coming weeks.

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EGLD is under a huge technical threshold to continue

EGLD exchange rate against the dollar weekly (1W)

First we can look at the situation Weekly EGLD taking a step back from the evolution of the asset over the past few months. Cryptocurrency between June and November 2022 MultiversX developed in a range that includes the lower limit at 45.2 dollars and the resistance zone at the level of $63/67. Additionally, the 13 EMA also acts as resistance, as you can see with the multiple rejections that have occurred over the past few months.

Currently on the downside after a breakout tidied up in question EGLD executed a bearish retracement that turned the low into technical resistance where the price is currently moving. The EMA coincides with 13, which is the key threshold that the asset needs to sustain in order to extend the upward move by re-entering the old range.

Currently, on a weekly basis, the technical configuration of EGLD is leading us to be quite bearish. If the active EMA rejects a new low at 13 and buyers fail to hold the price, a new bearish phase may occur with the price returning to the low point. $32.30.

A strong uptrend that can quickly run out of steam

EGLD price against the dollar on a daily basis (1D)
EGLD price against the dollar on a daily basis (1D)

After that, we will move to daily scales to have a more accurate vision price evolution in recent days. It should be noted that after the recovery of the uptrend with the EMA trio, EGLD accelerated its rise. However, it is currently slowing down in the technical zone at $42.15/$42.80. If EGLD recovers this technical level in line with the weekly EMA 13, the way will be open for the price to recover below $45.2, which is in line with the weekly MA 100.

If the EGLD range manages to push higher by clearly reintegrating, there are plenty of technical levels to monitor and may cause price to show a peak or resistance for a period of time. Currently, apart from the 200 EMA, we can identify three additional technical levels:

EGLD is underperforming against Bitcoin

EGLD price against Bitcoin on a weekly basis (1W)
EGLD price against Bitcoin on a weekly basis (1W)

To complete our analysis of EGLD, we can analyze its status against bitcoin to understand whether it is performing better or worse. The asset, which is currently at the technical level at 1,930 satoshi, has breached the support at 2,416 satoshi, demonstrating the underperformance of the asset. If EGLD is lost, this condition can be aggravated 1930 satoshi.

Analyzing the state of an asset is interesting because it is preferable to take a position on it when it arrives. Better than Bitcoin. There would be more chances of building bullish performances, especially in the case of the rise of the king of cryptocurrencies, the marginalization of the said asset is less important.

Here we are at the end of this technical analysis of EGLD cryptocurrency. Although the trend is bullish on the daily scale, the asset still remains under resistance on the daily and weekly scales. Moreover, the asset has underperformed against Bitcoin, which does not encourage short to medium term positioning in the asset. Thus, given the current technical configuration, the bias is quite low. However, if the uptrend continues and the range reintegrates, the bias we currently have could develop in favor of buyers over sellers.

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