- MultiversX (EGLD) has jumped nearly 28% in the past week, fueled by bullish momentum.
- EGLD is forming a falling wedge pattern, with potential price targets of $53.50, $77.00, $112.00, and $235.
- Bitcoin’s rise above $96.6K is boosting altcoins like Solana and Ethereum, benefiting EGLD.
MultiversX (EGLD) is depicting strong signs of an imminent upward move as its value surges significantly. During the past week, EGLD has risen nearly 28%, indicating strong bullish momentum. This comes at a time when the broader market is recovering, with Bitcoin recently crossing $96.6K and rejuvenating altcoins with fresh vigor.
While Bitcoin inches its way to the six-figure mark, other major cryptocurrencies have begun to pick up once again. Solana ($SOL) is at a new high; Ethereum ($ETH) has positive momentum, and the altcoins have started to glow once again.
At the time of writing, MultiversX is trading at $37.58, with a 24-hour trading volume of $94.42 million and a market capitalization of $892.22 million. This gives the token a market dominance of 0.03%. The price of EGLD has surged by 3.76% in the last 24 hours, further solidifying the growing bullish sentiment surrounding the project.
EGLD Eyes Bullish Breakout, Targeting $235
From a technical point of view, EGLD is developing a falling wedge pattern on the weekly timeframe. This has often been considered a bullish setup, indicating a breakout to the upside. If this is confirmed, EGLD will set targets for significant price levels in the near future. Potential upward movements could point toward $53.50, $77.00, and $112.00, with even a high of $235.
The falling wedge implies that the token is at the point of breaking out despite the earlier consolidation phase, with key technical indicators supporting a bullish continuation. This provides a very exciting opportunity for traders and investors, especially at a time when the general market sentiment is improving, with altcoins regaining momentum.
Given the continued strength of Bitcoin and the similar uptrend of other altcoins, the future is indeed bright for MultiversX. This will be the case when this breakout is experienced as forecasted, thus leading to rapid growth in MultiversX and making it one of the most watched altcoins in the coming weeks.
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