Investors in the cryptocurrency market are slowly shifting towards mid-cap investment options to get higher returns in the next bull run. Thus, according to CoinMarketCap data, MultiversX is the 44th largest crypto in the crypto space, impressing buyers this week.
EGLD, the native coin of MultiversX, is displaying an inverted head and shoulders pattern on the daily time frame. Following the signal of a bullish pattern, bulls have been accumulating EGLD coins since this week, as a result of which, EGLD shined as the top gainer on the day alone with 22.3% overnight gain with the high of $49.8.
The MultiversX coin is trading at a mark of $47.83 at the time of writing with 15% intraday gains. Amidst this bullish move, bulls attempt to break the descending resistance trendline to reach at $54 soon. Meanwhile, trading volume increased by 670% to $162.13 million, indicating higher than average buying in the market.
A resistance breakout of this bullish pattern could add 10% gains before the end of the month. Buyers turned more aggressive after seeing a dragonfl
At that point, bulls need to propel EGLD price above the 200 daily exponential moving average (red) to see an unstoppable bullish rally. As above shown in the chart, we can see that buyers are already trying to break 200 EMA resistance.
Besides, the moving average divergence indicator (MACD) is moving in a positive zone, which is a favorable sign for the MultiversX coin. So only time will tell where this rally is going to go.
- Support Levels: $38 and $32
- Resistance Levels: $54 and $61
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