Amid the increased social activity for DePIN projects, the EGLD price action reveals a positive cycle in motion. As the native token of the multiversX, EGLD has shared a similar phase to all the other metaverse tokens in the crypto market.
With a declining trend over the last few months, the EGLD price struggles to sustain above critical support levels. Will this recent reversal result in a breakout rally for a massive trend reversal? Let’s find out.
Sudden Brakes For A Bullish Recovery
In the daily chart, the EGLD price action reveals a falling channel pattern. The crypto is currently trading at $28.38 with an intraday growth of 0.74% following the 4.11% jump yesterday.
The bullish reversal completes a morning star pattern and the crucial support of $28 and impedes a potential upcycle within the consolidation range. Furthermore, the falling channel accounts for a price drop of 60% from the peak of $64.34 to the bottom of $25.73.
However, with a double-bottom reversal, the EGLD is putting additional stress over the resistance trend line. As the broader market recovery gradually takes place, the EGLD price is expected to surpass the bearish trend line.
Technical Indicators:
RSI: The daily RSI line shows a positive trend and sustains above the halfway line.
EMA: After the recent death cross, the crypto price struggled to sustain dominance above the 50-day EMA, which has been acting as dynamic resistance since then.
Will EGLD Price Hit $1?
By overcoming the bearish influence, the breakout rally is expected to challenge the overhead resistances at $37.55, followed by the resistance at $45.34. The bullish cycle has re-entered the consolidation range between $28 and $37.55, but the trend line breakout will be the deciding factor. The crypto support levels are $28.17, $25.67, and the low of $22.13.
Also, read our Ethereum (ETH) Price Prediction 2024-2030
