- MultiversX (EGLD) is facing a steep decline, aligning with Bitcoin’s recent correction from its all-time high.
- Despite a 22% weekly drop, EGLD remains 23% higher over the last 30 days, reflecting underlying resilience.
- Technical indicators suggest potential rallies targeting $53.50, $77.00, $112.00, and $235.00.
MultiversX (EGLD) has faced a challenging week, reflecting the broader market turbulence triggered by Bitcoin’s sharp retreat from its recent all-time high. EGLD has dropped nearly 22% over the past seven days, placing it in the spotlight as it navigates this bearish phase.
At the time of writing, EGLD is trading at $38.04, with a 24-hour trading volume of $155.66 million, a market cap of $903.21 million, and a market dominance of 0.03%. Over the last 24 hours, EGLD has slipped 8.47%, signaling ongoing short-term pressure.
Despite these setbacks, EGLD’s performance over the past month tells a more optimistic story. The cryptocurrency has surged 23% in the last 30 days, showcasing resilience and signaling potential for a significant rebound. Analysts note that EGLD remains in a bullish technical pattern, reinforcing optimism for further upward movement.
This blend of short-term volatility and long-term strength makes EGLD a focal point in the current market landscape, where many assets are struggling to maintain stability.
MultiversX Targets $235 Post-Breakout
From a technical perspective, MultiversX has broken out of a falling wedge pattern, a bullish signal on the weekly chart. The price is now retesting this breakout level, a critical phase that could determine its next move.
If EGLD successfully tests and holds above this pattern, it could trigger a strong rally toward ambitious targets of $53.50, $77.00, $112.00, and even $235.00.
EGLD’s short-term struggles align with a market-wide downtrend driven by Bitcoin’s volatility. However, its ability to sustain growth over the past month highlights its underlying strength and investor confidence.
As the cryptocurrency market regains stability, EGLD’s technical and fundamental indicators suggest it could emerge as a frontrunner for recovery, making it a coin to watch closely. While market conditions remain uncertain, EGLD’s recent breakout and long-term potential provide a silver lining in an otherwise bearish phase for the crypto sector.
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