- Crypto Tony predicts a short-term decrease in MultiversX (EGLD) to $25.81.
- EGLD’s value could surpass the 50-day EMA line of $27.19.
- A potential risk of EGLD dropping to $24 in the upcoming week.
Crypto Tony, a cryptocurrency trader and analyst, stated in a recent X post that he expects a short-term decrease in the price of MultiversX
CoinMarketCap data shows that the price of EGLD has experienced a 3.88% increase in the last 24 hours. Consequently, the cryptocurrency’s value stood at $26.04 at the reporting time. This recent surge further contributes to EGLD’s ongoing positive weekly trend. Following this, the altcoin’s price has also seen an 8.70% rise over the previous 7 days.
Technically speaking, the price of EGLD was trading beyond the $25.81 mark, as pointed out in Crypto Tony’s tweet. It had fallen below this crucial price level during today’s trading session, hitting a low of $26.64. Nevertheless, bullish traders intervened to drive the altcoin’s price back above this threshold.
Consequently, EGLD’s value could surpass the 50-day EMA line of $27.19 in the upcoming days, provided it manages to end today’s daily trading above $25.81. The digital currency might gain the necessary support to convert the $28 resistance level into a support level. However, this optimistic scenario will be nullified if EGLD concludes today’s trading below $25.81.
In the given situation, there is a potentially risk of EGLD dropping to the immediate support level of $24 in the upcoming week. However, investors and traders must observe that the 9-day EMA line is nearing the 20-day EMA line.
Should the two specified technical indicators intersect within the next 48 hours, it would indicate a shift in power to the buyers. Consequently, this could increase ELGD’s price, potentially surpassing the previously mentioned 50-day EMA line.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
