MultiversX (EGLD) token recently attained momentum and exhibited a rebound from its demand zone of $23. This recent shift in EGLD price suggested a potential rescue in the coming sessions.
MultiversX price might benefit from investors’ optimism after a couple of positive sessions. However, the altcoin’s funding rate and OI data indicated that investors were skeptical at press time.
Assessing the Recent Performance of the EGLD Price
Fueled by the market rebound and improved sentiment in the crypto market, traders were peeking for a push above the $30 mark for a clear upswing ahead. The price action indicated that the EGLD crypto has faced a downward momentum and traded under bearish influence.
Since this month’s opening, EGLD bulls strived to surpass the 20-day EMA mark but stayed below it. That indicates buyers are looking weak at press time and need to gain further momentum for an upswing.
MultiversX Price Stayed In Green: Is Recovery Imminent?
Trading at $26.13, the EGLD price bounced from the support line at $25. It noted a surge of over 4% during the last 24 hours. It was an opportunity for bullish investors since the altcoin attained strong support around the $23 mark.
Crypto Arab (@Cryptohelp90) shared a chart of EGLD in a recent tweet. It pointed out that the EGLD crypto has been trading inside a falling channel. A breakout might occur soon.
Notably, the EGLD price faced a prompt barrier of 20-day EMA, which acted as resistance while attempting a push. If bulls transcend the level, it could retest the 50-day EMA mark.
Technical Indicators Overview
The Chaikin Money Flow (CMF) for EGLD highlighted ascending inflows at press time. That meant more capital was entering the market, representing investors looking more confident.
Technical Indicators Data | Source: Coinalyze
Along with CMF, the MACD indicator represented a positive crossover. It revealed the buyer accumulation activity during the past 24 hours.
However, the RSI line stayed close to the midline zone, at 50, conveying a neutral outlook.
Surge In Popularity
Amid the incremental price rise, the weighted sentiment data witnessed a vertical increase, representing the investors’ optimism for EGLD. The MultiversX Price crossed the zero line and approached the positive region, conveying a bullish stance.
****
The social dominance curve also displayed a notable upward spike, fetching increased buzz among investors on social media platforms.
The OI-weighted funding rate data implied a potential change in the market sentiment towards EGLD.
For the last two sessions, along with follow-up buying action, the funding rate stayed positive. That echoed a bullish outlook and indicated traders were willing to pay a premium for long positions.
EGLD Funding Rate | Source: Coinglass
Similarly, the Futures Open Interest (OI) rose over 3.90% to $17.90 Million. It reflected fresh long additions in the past 24 hours.
In case of a thriving move above the 20-day EMA level, the EGLD price could move toward $30 and then $35 in the coming sessions. It could retrace toward the $23 mark ahead if it remains below that EMA level.
