MultiversX (EGLD) Jumps 20% Due To Key Wallet Integration

MultiversX, previously referred to as Elrond, is a blockchain made for the metaverse. EGLD is its native ERC-20 token engaged in several activities, such as staking and payments.

Yesterday, MultiversX said that Safepal, a blockchain firm, had joined it. This integration implies that users can contact MultiversX through their Safepal wallets to make payments.

This significant development fueled the buying pressure, and the token cracked the range hurdle of $30 and registered a Darvas box breakout. It implies that the token is poised for an up move and could reach the $50 mark soon.

At press time, the EGLD was trading at $33.90 with an intraday surge of 5.30%, reflecting buying momentum on the chart. It has a monthly return ratio of -17.290% and 1.20% yearly, reflecting short-term consolidation.

The pair of EGLD/BTC is at 0.0000308 BTC, and the market cap is $121.59 Million. Analysts are neutral and suggest that the EGLD price may stretch the pullback and shortly lead to a trend reversal.

Could EGLD Reach the $50 Mark This Month?

Since March 2024, the EGLD token has been traded in a correction phase, regressed from its supply region of $80, and retested at the $30 mark this month. Meanwhile, the distribution ended, and a fresh accumulation wave was noted in the last few sessions. 

A Darvas box was noted, and the token succeeded in cracking out its prompt hurdle of $30. Furthermore, the trend reversal is on the horizon, and the buyers are seeking to reach the $50 mark soon.

EGLD Price Chart  Source: Santiment

The price action projects the buyer accumulation, and the token has gained bullish momentum due to the wallet integration news in yesterday’s session.

@CryptoFaibik, in his X post, mentioned that the token had formed a falling wedge pattern and is ready for a 2x upmove ahead.

Source: X

Ranked at 78 in terms of market cap, the token has a total supply of 27.15 million, while the volume-to-market cap ratio is 0.0734.

Futures Open Interest Data Hints Long Additions

Open Interest Data  Source: CoinGlass

The token has bottomed out near $28 and revealed a bullish reversal pattern followed by a range breakout. Fueled by the buying pressure, holders have added fresh long positions and anticipated an up move ahead.

The open interest rose over 12.78% to $28.76 million in the last 24 hours.

Meanwhile, the sellers have covered their positions, and the token would likely spread the bullish leg beyond $35. Once it breaks and closes above $42, an intense spike could be seen beyond it.

On an analysis of 26 key indicators, only 7 indicators gave a sell rating, while 9 were neutral and 10 were guided by a buy outlook. Crypto experts gave a buy rating and suggested that the token is worth buying at the ongoing dips.

The immediate support levels for the EGLD token are $30 and $27, whereas the key upside hurdle is around $35, followed by $40

Is EGLD Worth Buying At Dips?

The EGLD token price climbed above the 50-day EMA mark and is trying to reach the 100-day EMA mark for a significant up move ahead. Moreover, the token has escaped from its weekly hurdle and might stretch the gains toward the $50 mark soon.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.