MultiversX (EGLD) Token Struggles to Maintain Increase Amid Broader Market Volatility

The MultiversX (EGLD) token is struggling to maintain the increase near the demand zone amid the broader market volatility.

MultiversX (EGLD) Token Struggles Amid Broader Market Volatility; Key Levels to Watch

The MultiversX (EGLD) token encountered difficulties in sustaining its recent gains as it faced resistance within a crucial demand zone amidst the broader market volatility.

A rounding top formation played out on the technical chart, and the EGLD token attempted to deceive traders with a fake breakdown in the recent trading session. It approached its make-or-break region, inching closer to the $26 price level.

In early July, EGLD attempted to cross the cluster near the 100-day EMA mark but faced a sharp rejection. This led to a decline of over 30% in the last two weeks.

The ongoing price action signaled the sellers’ dominance as the token continued to underperform in the market. Trading below the key moving averages, the EGLD token formed a falling wedge pattern and approached its crucial pivot around the $25 price level.

Once the cluster breaches, a next bearish leg toward the $20 followed by the $18 mark can be seen.

However, a rejection wick candlestick was spotted, and a significant price rise was noted during the intraday session. This indicated that buyers were attempting to prevent the breakdown.

MultiversX Token Price at Press Time

At press time, MultiversX was trading at $26.56, up over 11%. It noted a bullish recovery in the intraday session. Meanwhile, the trading volume noted a drop of over 22%, indicating a lack of buying interest among traders.

Regarding the market cap, EGLD was ranked 83rd with a market cap of $723.85 Million. Its total supply at press time was 27.27 Million.

EGLD Price Action Outlook & On-Chain Analysis

The EGLD price was capped inside a falling wedge for the last three months, forming multiple lower-low swings. Despite the gradual decline, the token approached its make-or-break region as it approached traders' attention.

The price attempted to hold the crucial support and avoid breaking down further. The technical outlook remained bearish on the lower time frame.

Despite the intraday price surge of over 11%, the short-term price projection showed a bearish bias, and the lack of volume buying signaled concern. Buyers could gain momentum if the token crossed the 20-day EMA, heading toward the $30 price level.

The Daily RSI curve showed an uptick and recovered from the oversold region. It approached a reading of 26, indicating a possible minor pullback.

According to @X_WayDYOR, EGLD formed a double bottom formation in a weekly timeframe and could begin to accumulate soon.

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Despite the ongoing bearish market sentiment, if EGLD succeeded in holding the $25 mark, a significant bullish recovery could be on the horizon toward the upside mark of $35.

As per the Fibonacci retracement levels, buyers could find suitable support at $25, $20, and $18.

Social Dominance and Development Data Overview

Amid the price decline, the media buzz for MultiversX saw a drastic dip and approached the negative region, indicating a decrease in investors’ chatter on media platforms.

The development activity data showed a consistent downtick, dropping over 12% to reach the 169 mark this week. Moreover, there was no significant growth activity.

Futures Open Interest Data Saw an Uptick

After a consistent price decline, buyers found a significant accumulation zone and began accumulating by making fresh longs in the past 24 hours.

The EGLD token’s Futures Open Interest data rose over 5.30% to $18.13 Million overnight and noted fresh long additions.

Similarly, the funding rate went positively and retained the positive region, approaching 0.018% at press time.

The immediate support of EGLD was around $25 and $20 levels, while the resistance zone was around $30 and $32 levels.