In this new Monday’s analysis, we’ll take a look at EGLD, the project’s cryptocurrency MultiversX (formerly Elrond). The past few months have not been easy for this asset which has continued its downward trend by multiplying rejections on technical levels. witnessed an upward trend Cryptocurrency market Since the beginning of the year EGLD has benefited but with all that, is the decline definitely behind us? Without further ado, we will turn to TradingView to identify technical levels to watch and bias for the coming weeks.
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EGLD is below a key technical threshold for appeal
First of all, we can look at the case EGLD Weekly To undo the development of the asset over the past few months. Between June and November 2022, cryptocurrency MultiversX developed in a range that includes a minimum at $45.2 And a resistance area at $63/67. In addition, the 13 EMA is also acting as resistance, which you can see with the multiple rejections that have occurred over the past few months.
Currently, after breaking through the downside of tied on in the question , EGLD It made a bearish pullback around the lower boundary into a technical resistance below which the price is currently moving. Combined with the 13-exponential moving average, it is the key threshold at which the asset must resume in order to prolong the bullish momentum by re-entering the old range.
At the moment, on a weekly basis, the technical formation of EGLD leads us to a somewhat bearish bias. If the asset records a new bearish rejection on EMA 13 and buyers fail to take control of the price, a new bearish leg could occur with the price returning to the low point of $32.30.
A strong uptrend can quickly run out of steam
From now on, we’ll switch to the daily range for a more granular view Price development in recent days. What should be noted is that after resuming the bullish trend with the triple EMA, EGLD took an upward acceleration. However, it is currently slowing down in the technical area at $42.15 / $42.80. If EGLD resumes this technical level in conjunction with the weekly SMA 13, the way will be open for the price to return at the minimum at $45.2 which meets the weekly SMA 100.
If EGLD can push up by reconsolidating the range in an explicit manner, the technical levels to watch are multiple and could lead the price to set a peak or resistance for a certain period. At the moment, besides the 200 EMA, we can identify three additional technical levels present at:
EGLD is underperforming against Bitcoin
To complement our analysis of EGLD, we can analyze its status in exchange for bitcoin To understand whether the performance is superior or poor. Currently on the technical threshold at 1930 satoshis, the asset broke the support at 2416 satoshis, which indicates the asset’s weak performance. This situation can be increased if EGLD loses to 1930 Satoshi.
It is interesting to analyze the condition of the asset because it is best to place oneself on it when it arrives It beats Bitcoin. The chances of creating a bullish performance will be greater, especially since in the event of a bullish push from the king of cryptocurrencies, the marginalization of the asset in question is less significant.
Here we are at the end of this technical analysis of the EGLD cryptocurrency. Although the trend is bullish on the daily scale, the asset is still below resistance on the daily and weekly scale. Moreover, the asset is underperforming against Bitcoin, which discourages a position on the asset in the short and medium term. Thus, given the current technical formation, the bias should be rather bearish. However, if the uptrend continues and the range re-consolidates, the bias we currently have could develop in favor of buyers dominating the sellers.
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