MultiversX (EGLD) breaks out of a six-month downtrend
MultiversX (EGLD) is breaking out of a six-month downtrend, with three subsequent lower highs since its $77.9 peak in March. The breakout occurred on September 27 and EGLDUSD now tests the R/S downtrend line in what could be a corrective move before the confirmation and bounce up.
I'm looking at the daily chart here, looking for a mid-term trend shift validation.
However, lower time frames, like the 4-hour chart, already hint of a successful break out, with the line holding strong after some testings.
Here is what we see when zooming in:
-ERROR UPLOADING IMAGE-
Inside the downtrend formation, EGLD started a shortish-term uptrend, making higher lows until the higher time frame breakout. Then, it tested the downtrend line as support in four 4-hour candlesticks. Giving strength to the move.
Validation here is a daily close above the line.
I'll then target the S/R ZONE between $37 and $48.
Play safe!
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Despite the price action, MultiversX is one of the most-solid cryptocurrencies from a fundamental perspective. It has one of the most scalable infrastructures through sharding, being the first to fully implement sharding in a battle-tested environment. The chain has 100% uptime and very high security standards, like using native assets and implementing Guardian for a 2FA onchain extra security. The token, eGold (EGLD), has a fixed maximum supply of 31.4 million, with a fully dilution schedule by 2030. However, it can be even lower, as fees can replace emission if the chain is used enough. DYOR.
I'm looking at the daily chart here, looking for a mid-term trend shift validation.
However, lower time frames, like the 4-hour chart, already hint of a successful break out, with the line holding strong after some testings.
Here is what we see when zooming in:
-ERROR UPLOADING IMAGE-
Inside the downtrend formation, EGLD started a shortish-term uptrend, making higher lows until the higher time frame breakout. Then, it tested the downtrend line as support in four 4-hour candlesticks. Giving strength to the move.
Validation here is a daily close above the line.
I'll then target the S/R ZONE between $37 and $48.
Play safe!
-
Despite the price action, MultiversX is one of the most-solid cryptocurrencies from a fundamental perspective. It has one of the most scalable infrastructures through sharding, being the first to fully implement sharding in a battle-tested environment. The chain has 100% uptime and very high security standards, like using native assets and implementing Guardian for a 2FA onchain extra security. The token, eGold (EGLD), has a fixed maximum supply of 31.4 million, with a fully dilution schedule by 2030. However, it can be even lower, as fees can replace emission if the chain is used enough. DYOR.
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