The Price of MultiversX (EGLD) Surged Over the Last 24 Hours

The past 24 hours have been a period of significant trading activity for MultiversX (EGLD). According to CoinMarketCap, the daily trading volume for EGLD has surged approximately 674.76% in the last 24 hours – taking the total trading volume for the last day to around $164,413,201.

This spike in EGLD’s trading volume has had a positive effect on the altcoin’s price, as EGLD currently trades at $47.15. This is a 24-hour gain of more than 20% for the crypto. Furthermore, the crypto displayed similar performances against the two crypto giants Bitcoin (BTC) and Ethereum (ETH). At press time, EGLD is up 17.53% against BTC and 17.87% against ETH.

4-hour chart for EGLD/USDT (Source: TradingView)

The recent increase in EGLD’s price has launched it past the resistance level at around $44.25, flipping the mark into support in the process. The crypto’s price then attempted to do the same with the $50 benchmark but instead received a rejection – causing it to retrace to its current price.

Notably, the 9 EMA line on EGLD’s 4-hour chart has crossed above the 20 EMA line over the last 24 hours, which signals that the altcoin’s price has entered into a short-term bullish cycle. In addition, traders and investors will want to note that both the 9-and-20 EMA lines on EGLD’s 4-hour chart have also crossed above the 50 EMA line.

If EGLD’s price is able to remain above the $45 level for the rest of today’s trading session, then the altcoin will most likely receive a second pump from the market. This potential price pump may be strong enough for EGLD’s price to successfully break past the $50 level in the next 48-72 hours.

On the other hand, a break below $45 before the end of today’s trading session will result in EGLD’s price seeking support from the recently-flipped $44.25 level. If this level then fails to hold, the altcoin’s price will likely pull back to $42.66 in the days that follow.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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