MultiversX (EGLD) Showing Signs of Recovery
MultiversX (EGLD) has been showing signs of recovery after bouncing up from a support level of $40.00. In our last analysis, we identified this level as a key support level, and it has held the pullback so far. Currently, EGLD is on its way to the minor resistance level of $54.50.
What is EGLD?
MultiversX is a blockchain protocol that offers fast transaction speeds through sharding. It rewards community and active participants with EGLD tokens, which act as a store of value currency to pay for network usage and a medium of exchange between platform users and validators.
EGLD allows developers to deploy smart contracts, protocols, and dApps on the platform and empowers participants to perform any network action. EGLD also functions as a governance token, enabling holders to vote on network decisions.
MultiversX was announced in August 2019, and its mainnet went live in July 2020.
EGLD's Bullish Momentum
While it's true that just bouncing up from a support level does not guarantee an uptrend, EGLD has been displaying strong volume in the past two days.
This is a positive sign because in the past, every time EGLD had a bullish day with strong volume, it led to an uptrend. This indicates that we may see at least a limited uptrend in the coming days.
So far, EGLD has not shown strong bullish momentum compared to the rest of the market this year.
This makes it difficult to estimate where the rally will stop. However, this also means that we can expect a stronger rally later on in 2024-2025 when the rest of the market should reach its all-time high. This makes EGLD a promising investment for the long term.
Bottom Line: In conclusion, MultiversX (EGLD) has been showing positive signs of recovery lately. The strong volume it displayed in the past two days indicates that we may see a limited uptrend soon.
While EGLD has not shown strong bullish momentum so far this year, we can expect a stronger rally in the future. Investors who are looking for a promising investment for the long term may consider investing in EGLD.
