This Cardano competitor is ‘waking up,’ threatens bullish breakout at $80 

Although many assets in the cryptocurrency market are starting to reverse the gains attained in the last several weeks, some of the previously dormant cryptos, including the Cardano (ADA) competitor MultiversX (EGLD), are showing signs of ‘waking up’ and possibly breaking through critical levels.

Specifically, EGLD is currently facing crucial resistance while the Bitcoin (BTC) pair is at its cycle low, in addition to massively growing its ecosystem since the previous cycle, according to the observations shared by crypto trading expert Michaël van de Poppe in an X post on March 14.

EGLD price prediction

As the crypto expert further explained, the native token of the blockchain protocol, which offers true horizontal scalability by using all aspects of sharding, currently ranks tenth in total value locked (TVL) and is looking at a lot more updates coming to its ecosystem.

Indeed, the interplay of all of these bullish elements could contribute to EGLD “likely going to the next resistance” at around $80, after which it could proceed toward the next target at $148.54, as van de Poppe pointed out by analyzing the token’s chart patterns and historical price action.

EGLD price analysis

Meanwhile, EGLD price at press time stood at $67.49, keeping up with the bearish sentiment shift in the wider crypto sector, which has seen it drop by 8.11% in the last 24 hours, albeit still hanging onto the 1.30% increase across the past seven days, and the monthly gain of 12.64%, as per data on March 15.

It is worth noting that EGLD is the native token of MultiversX (formerly Elrond), a blockchain protocol that offers true horizontal scalability by using all aspects of sharding (Network, Transaction, and State) and which aims to become a technology ecosystem for the new internet.

As such, the network focuses on efforts in this direction, including the recent launch of decentralized derivatives trading, which promises to facilitate “complex strategies, exposure hedging, a wider range of assets and liquidity deepening – with all the benefits of being on-chain.”

Decentralized trading of derivatives now live on #MultiversX.

Enabling complex strategies, exposure hedging, a wider range of assets and liquidity deepening – with all the benefits of being on-chain.@ash_perp 🟢🔥 https://t.co/OqE1R8mS6Y

— MultiversX (@MultiversX) March 11, 2024

All things considered, the EGLD price might, indeed, move in the direction set by the renowned crypto market expert as long as it manages to pull out of the recent consolidation trend unscathed and the network continues to evolve its ecosystem. However, caution and detailed research are always warranted.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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