The Awakening of MultiversX (EGLD): A Potential Breakthrough in the Crypto Market
While many cryptocurrencies are experiencing a reversal of gains in recent weeks, one previously dormant crypto, MultiversX (EGLD), is showing signs of “waking up” and potentially breaking through critical levels. According to crypto trading expert Michaël van de Poppe, EGLD is currently facing crucial resistance while the Bitcoin pair is at its cycle low. Additionally, the token has been steadily growing its ecosystem since the previous cycle.
EGLD Price Prediction
Van de Poppe believes that EGLD’s bullish elements and growing ecosystem could lead to a breakthrough in price. He predicts that EGLD could reach the next resistance level at around $80 and potentially proceed towards a target of $148.54 based on chart patterns and historical price action.
EGLD Price Analysis
At the time of writing, EGLD’s price stands at $67.49. Like other cryptocurrencies, EGLD has been affected by the bearish sentiment in the wider crypto sector, experiencing an 8.11% drop in the last 24 hours. However, it has still managed to maintain a 1.30% increase over the past seven days and a monthly gain of 12.64%.
EGLD is the native token of MultiversX (formerly Elrond), a blockchain protocol that focuses on true horizontal scalability through sharding. The network aims to become a technology ecosystem for the new internet and has recently launched decentralized derivatives trading to offer more complex strategies, exposure hedging, a wider range of assets, and on-chain liquidity benefits.
Considering these factors, EGLD’s price may follow Van de Poppe’s predictions if it can break out of its recent consolidation trend and the network continues to evolve its ecosystem. However, it is important to exercise caution and conduct thorough research before making any investment decisions.
Hot Take: MultiversX (EGLD) Poised for Growth
MultiversX (EGLD) has shown promising signs of awakening in the crypto market. With crucial resistance ahead and a growing ecosystem, the token has the potential to break through key levels and reach new price targets. While EGLD’s price has been affected by the wider crypto sector’s bearish sentiment, its long-term growth prospects remain positive.
Investors should keep a close eye on EGLD as it navigates its current challenges and continues to expand its ecosystem. By staying informed and conducting thorough research, you can make informed decisions about your cryptocurrency investments.
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