MultiversX (EGLD) Crypto Price Prediction 2023: Will EGLD Price Hit $30 Soon?

MultiversX is a blockchain platform that specializes in offering scaling solutions. Its EGLD crypto was trading near the confluence of resistance levels

MultiversX (EGLD) price showcased a triple bottom formation and signaled a trend reversal in sight. The technicals hinted at a breakout from the falling wedge pattern and suggested a short-term bullish reversal.

However, buying interest remained a concern, and the price action was largely confined within a narrow trading range. A breakout from the $30 resistance was crucial for a sustained bullish move.

MultiversX Price Triple Bottom Formation Triple Bottom Formation Spotted on EGLD Chart

The price of MultiversX (EGLD) experienced a recent surge from the $22 level, offering hope for an upcoming bullish reversal among investors.

The technical analysis highlighted the formation of a triple bottom, which is a bullish reversal pattern that often indicates a trend reversal in the upcoming sessions.

Moreover, the EGLD price was trading within a falling wedge pattern, which also signaled downward pressure over the past few weeks.

However, the triple bottom formation acted as a sign of reversal, and the EGLD price was likely to witness a short-term reversal soon.

MultiversX (EGLD) Price Analysis

At press time, EGLD crypto was trading at $26.88, showcasing an intraday rise of over 7.10%. With a market cap of $736.79 Million, EGLD stood as the 90th largest crypto among the top 100.

CryptoBull, in his recent tweet, highlighted the bullish outlook for MultiversX crypto, preparing for an upward move. A close above the $30 mark could trigger a 20-25% move ahead.

#EGLD is getting ready for short term bullish breakout from descending channel + PoC value zone as well. Strong momentum close above the PoC value zone will trigger 20-25% move, Volume looks good – Keep an eye on👀$EGLD #EGLDUSDT pic.twitter.com/gTQlLXQjz2

The recent accumulation in the altcoin from the lower levels signified the demand for EGLD. The EGLD price had crossed the 20-day EMA level and approached the 50-day EMA mark for a crossover.

The Relative Strength Index (RSI) line showed a positive crossover, reaching the 52 mark at press time, signaling a rise in buying pressure.

A successful close above the $28 level would validate further bullish strength and could soon retest the $30 breakout level. MutliversX’s Sharpe Ratio, a measure of risk-adjusted returns, guided a positive stance.

The recent rebound from oversold conditions to a positive region hinted at the demand at the lower levels and a bullish stance.

When writing, the Sharpe Ratio value turned positive at 0.96. It could lead to further gains, and buying pressure outweighed selling pressure. The market conditions seemed favorable for buying, which could drive the EGLD crypto price higher.

Futures Market Data Signals Bullish Optimism

The futures Open Interest (OI) had surged to $20.94 Million, notching a rise of over 7.80%. A surge in OI indicates rising investor confidence in altcoin’s direction as they open new positions.

OI Surged, Indicating Rising Demand for Long PositionsOI Surged, Indicating Rising Demand for Long Positions

Together with the OI surge, a positive OI-weighted funding rate, 0.0098%, at press time signaled an increased demand for long positions.

It meant that investors were largely optimistic about further gains and were taking increasing long positions to benefit from the price rise, as evident by the funding rate being positive.

The immediate support zones for the EGLD crypto were $23 and $20, whereas the resistance levels were $29 and $32 to monitor for the upcoming sessions.