bullish

Million

MultiversX

Time

Daily

The MultiversX (EGLD) token is struggling to maintain the increase near the demand zone amid the broader market volatility. 
A rounding top formation was exhibited, and the EGLD token delivered a fake breakdown in yesterday’s session. It inched closer to its <a href="https://www.thecoinrepublic.com/2024/07/08/3-crypto-to-watch-out-for-this-week-egld-om-not/">make-or-break region of $26</a>. 
In early July, EGLD tried to cross the cluster near the 100-day EMA mark but failed and faced a sharp rejection. That led to a decline of over 30% in the last two weeks. 
The ongoing price action mirrored the sellers’ dominance, and the token continued to underperform. Trading below the key moving averages, the EGLD token formed a falling wedge pattern and was on the edge of its crucial pivot near $25. 
Once the cluster breaches, a next bearish leg toward the $20 followed by the $18 mark can be seen.&nbsp; 
However, a rejection wick candlestick was spotted, and a significant price rise was noted during the intraday session. It means that buyers are trying their best to prevent the breakdown. 
<h2 class="wp-block-heading" id="h-multiversx-token-price-at-press-time">MultiversX Token Price at Press Time</h2> 
At press time, MultiversX was trading at $26.56, up over 11%. It noted a bullish recovery in the intraday session. Meanwhile, the trading volume noted a drop of over 22%, meaning the traders lacked buying interest. 
Regarding the market cap, EGLD was ranked 83rd with a market cap of $723.85 Million. Its total supply at press time was 27.27 Million. 
<h2 class="wp-block-heading" id="h-egld-price-action-outlook-amp-on-chain-analysis">EGLD Price Action Outlook &amp; On-Chain Analysis</h2> 
The EGLD price was capped inside a falling wedge for the last three months, which formed multiple lower-low swings. Despite the gradual decline, the token has reached its make-or-break region and is trying to prevent the cluster of $25. 
Amidst the intraday price surge of over 11%, the short-term price projection delivered a bearish bias, and the lack of volume buying conveyed a concern. 
Buyers may overcome gains if the token grabs the 20-day EMA mark near $30. <iframe loading="lazy" title="Santiment Chart: Price (EGLD), Volume (EGLD)" width="800" height="425" src="https://embed.santiment.net/chart?ps=flare&amp;pt=FLR&amp;df=2024-02-06T18%3A29%3A59.030Z&amp;dt=2024-08-06T18%3A29%3A59.030Z&amp;emcg=1&amp;wm=%5B1%3Bprice_usd%3Belrond-egld%3BEGLD%5D%3B%5B1%3Bvolume_usd%3Belrond-egld%3BEGLD%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
The Daily RSI curve showed an uptick and revived from the oversold region. It noted a reading of 26, signaling a minor pullback ahead. 
@X_WayDYOR tweeted that EGLD has formed a double bottom formation in a weekly timeframe and could begin to accumulate soon. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Are you guys ready for <a href="https://twitter.com/search?q=%24EGLD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$EGLD</a> revolution? Time to buy <a href="https://twitter.com/MultiversX?ref_src=twsrc%5Etfw">@MultiversX</a> 22$ is a blessing Double bottom weekly Oversold on RSI Double bullish divergence on weekly bullish charts Bull against <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a>, <a href="https://twitter.com/hashtag/SOL?src=hash&amp;ref_src=twsrc%5Etfw">#SOL</a>, <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw">#ETH</a> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f981.png" alt="🦁" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9e0.png" alt="🧠" class="wp-smiley" style="height: 1em; max-height: 1em;"> BEST TECH IN THE WORLD <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4a5.png" alt="💥" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/UecnNSmdN4">pic.twitter.com/UecnNSmdN4</a>— Lu𝕏aWay (@X_WayDYOR) <a href="https://twitter.com/X_WayDYOR/status/1820398343387812151?ref_src=twsrc%5Etfw">August 5, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
Despite the ongoing bearish market sentiment, if EGLD succeeds in holding the $25 mark, a significant bullish recovery can be seen toward the upside mark of $35 ahead. 
Per the Fibonacci retracement levels, buyers may find suitable support at $25, $20, and $18.&nbsp; 
<h2 class="wp-block-heading" id="h-social-dominance-and-development-data-overview">Social Dominance and Development Data Overview</h2> 
Amidst the price decline, the media buzz for MultiversX saw a tremendous dip and dived toward the negative region, showcasing a decline in the investors’ chatter on the media platforms. <iframe loading="lazy" title="Santiment Chart: Social Dominance (EGLD), Development Activity (EGLD)" width="800" height="425" src="https://embed.santiment.net/chart?ps=flare&amp;pt=FLR&amp;df=2024-02-06T18%3A29%3A59.030Z&amp;dt=2024-08-06T18%3A29%3A59.030Z&amp;emcg=1&amp;wm=%5B1%3Bsocial_dominance_total%3Belrond-egld%3BEGLD%5D%3B%5B1%3Bdev_activity%3Belrond-egld%3BEGLD%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
The development activity data noted a consistent downtick, dropping over 12% to the 169 mark this week. Moreover, no significant growth activity was noted. 
<h2 class="wp-block-heading" id="h-futures-open-interest-data-saw-an-uptick">Futures Open Interest Data Saw an Uptick</h2> 
After a consistent price decline, buyers found a significant accumulation zone and began accumulating by making fresh longs in the past 24 hours. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="229" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-63-1024x229.png" alt="Open Interest Data &nbsp; Source: Coinglass" class="wp-image-651198" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-63-1024x229.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-63-300x67.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-63-768x172.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-63-150x34.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-63-696x156.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-63-1068x239.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-63.png 1398w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Open Interest Data &nbsp; Source: Coinglass
 </figcaption>
</figure> 
The EGLD token’s Futures Open Interest data rose over 5.30% to $18.13 Million overnight and noted fresh long additions. 
Similarly, the funding rate went positively and retained the positive region, noting around 0.018% at press time. 
The immediate support of EGLD was around $25 and $20 levels, while the resistance zone was around $30 and $32 levels. 
The post <a href="https://www.thecoinrepublic.com/2024/08/06/multiversx-egld-faces-pressure-near-demand-zone-can-bulls-prevail/">MultiversX (EGLD) Faces Pressure Near Demand Zone: Can Bulls Prevail</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

MultiversX (EGLD) Faces Pressure Near Demand Zone: Can Bulls Prevail

Table of Contents

Thecoinrepublic.com

Other articles published on Aug 6, 2024

Tron (TRX) Investor Behavior Shows Interesting Pattern

Revealed: FG’s National Youth Investment Fund is powered by Envivo, a tech company with a ‘dubiou...

Binance Coin hit hard: BNB loses 31%—Brace for more pain?

What is Duko Memecoin?

Despite the Dip, BlackRock and Fidelity Accumulated BTC, Fueling Sentiment for Bitcoin Super Bull...

XRP whales move 157M tokens from exchanges – Buy signal?

Join our free newsletter for daily crypto updates!