EGLD Price Reaches $70; What’s Fueling the Rally in MultiversX?

• 1 EGLD price rose 60% in December and hit a new Year-till-date high.
• 2 MultiverseX price formed a base near $50.00 and showed a surprising bounce.
• 3 This token is in an uptrend and buyers dominance is visible.

EGLD price prediction favors the bulls and suggests the positive momentum may continue in coming months. It rose 60% in December and momentum is still intact displays the strength of bulls.

MultiversX price is rising upward by forming higher high swings which showcases the presence of buyers at the lower level. Recently, it broke out of the $54.00 swing high hurdle which triggered the positive sentiment and fueled the rally.

The EMAs are sloping upward and price sustaining above it denotes that the trend is in upward direction. However, the price went far away from the EMA due to which short term retracement is also possible.

In the last two months, EGLD token has performed well and generated nominal return for its long term investors. The chart pattern indicates that the rally has just begun and more scope for the upside is open.

The recent rally is supported by more than average volume. It denotes that some genuine buyers had taken longs and added this token in their portfolio.

Currently, MultiversX price is trading at $69.53 with a one day uptick of 6.14%. In the last 24 hours, the trading volume increased by 324% showing the strength in the recent move.

Will EGLD Price Hit $80 by January 2024 End?

Source: EGLD/USDT daily chart by Tradingview

EGLD price hits a high at $75.59 in the current trading session. However, the price witnessed minor profit booking so it returned back toward $70.00.

Buyers look very aggressive and active in the range between $60.00 to $65.00. This range is likely to act as a demand zone in upcoming sessions.

If the MultiversX price retest the $65.00 support then buyers may come forward and show a bounce. So, it is better to play bullish bets in EGLD and stay with the trend.

The analysis suggests, if buyers succeed to hold the $70 level then it may hit $80 by next month.

MultiversX Price Hit New YTD High

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MultiversX price rose by 12% in the current week and hit a new Year-till-date high. The recent rally is fueled by the bulls who had taken control over the $50.00 zone.

The price action of EGLD suggests more upward momentum is possible. Therefore, investors may look to buy the token dips and accumulate it more at cheaper price.

The upcoming bull run in the crypto market is going to be massive and ELGD might turn out to be an outperformer in 2024.

Conclusion

EGLD price prediction is highly bullish for January 2024 and suggests new swing highs are likely. The recent move in MultiversX looks powerful and reliable so upward momentum may continue. Therefore, the long term investors may add this token into their portfolio and existing investors may hold.

Technical levels

• Resistance Levels: $75.70 and $80.05
• Support Levels: $60.03 and $54.03

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Adarsh ​​Singh

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.

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