MultiversX (EGLD) Price Prediction: Will EGLD Surpass $30 In the Coming Weeks?

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MultiversX (EGLD) is in an uptrend today, September 21, amid the prevailing bearish pressure in the global crypto market.

EGLD recorded an over 3% price surge within 24 hours, hitting the $28 price zone when the most prominent crypto assets are in the red.

Will EGLD break all resistance to reach $30? Let’s explore the possibility based on some technical indicators and analysis.

Can EGLD Sustain This Bullish Trend for Another Week?

EGLD/USDT daily Price Chart | Tradingview

After a long period of steady price decline, EGLD is recovering, creating another green candle today. This trend is evident on the daily price chart, which reveals EGLD price bouncing off an upward trendline support level over the past several days.

This buying activity has also impacted MACD formation, as it stands above the signal line. The histogram also shows its effect, creating a new green bar today.

While the market appears positive now, the Relative Strength Index (RSI) reading of 56 reflects neutrality.

But given that it is facing upward, there’s a possibility of more rallies as the price approaches the overbought region of 70.

MultiversX Resistance and Support Levels

The resistance point around $28.30 currently prevents buyers from pushing EGLD’s price upward.

However, there are chances for continuous bullish movements, mainly due to the buying sentiment surrounding the token, as seen in its growing 24-hour trading volume of over 350%.

In all, traders and investors must remain cautious due to the inherent volatility of the market, which can alter the anticipated price direction.

MultiversX (EGLD) Buying Pressure Scale – Could it Drive the Price Further Up?

As of 05:15 AM EST today, September 21, EGLD is trading at $26.69, indicating an increase of 3.18% over the past day.

According to data from CoinMarketCap, EGLD crossed $28 during the early trading hours of the day. Additionally, EGLD’s 7-day price action showed a surge of 13.27% in its value.

Further, MultiversX’s impressive price surge placed it among the top-performing crypto assets of the day.

EGLD emerged as the fourth top-gainer cryptocurrency after Immutable (IMX), Astar (ASTR), and Algorand (ALGO), according to CoinMarketCap.

Moreover, the buyers in the Multiversx markets appear to dominate the sellers. MultiversX recorded a whopping 360.93% increase in its 24-hour trade volume, pushing the value to over $54.49 million. The volume reflects that more than 2.05 million EGLD tokens have exchanged hands over the past day.

If the buying pressure continues, EGLD could scale its value and reach the $30 region.

What Drives EGLD’s Impressive Price Rally

There is no unique factor driving the recent EGLD price surge. Besides the increased market buying pressure, a few events in the MultiversX ecosystem could catalyze this progressive price rise.

For instance, MultiversX (EGLD) completed a network upgrade in late August. The update ensured the compiling of its node with a go compiler not older than v1.20.50. The overall impact is higher scalability, transparency, and network security.

Moreover, the network update ensures that validators don’t have different versions of mini-blocks containing the exact information. This will prevent getting two validator-info structures regarding a single BLS public key.

Later in July, MultiversX completed the launch of MultiversX Hatom Mainnet. Following the launch, the two HatomProtocol modules went live on the mainnet.

The launch aims to increase MultiversX’s influence and relevance in the DeFi ecosystem, spiking its lending and liquidity stakes. Also, the move triggered a new liquidity influx for the network, spiking the price of EGLD.

But while EGLD strives to hit $30, investors can reposition for a golden opportunity to make some gains in the short term. A new coin, BTCBSC, on presale, offers them the chance to buy cheap and sell high soon.

MultiversX Best Alternative – Bitcoin BSC (BTCBSC)

Bitcoin BSC (BTCBSC) is an excellent choice for investors based on its potential high returns and lower entrance price.

Bitcoin BSC is a Proof-of-Stake (PoS) crypto asset designed on the BNB Smart Chain to ensure increased performance. BTCBSC is highly energy efficient and a green token without any environmental threat.

Inspired by Bitcoin’s functionalities, the new project aims to create room for crypto enthusiasts to experience massive returns.

It offers daily rewards by staking within the same time frame as Bitcoin production of new blocks (10 minutes).

Like Bitcoin, Bitcoin BSC has a maximum supply of 21 million BTCBSC coins.

Unique Presale and Lucrative Staking Program

Bitcoin BSC’s low engaging price comes through its presale, which offers BTCBSC at $0.99 per coin. The project provides a similar low price as Bitcoin cost in 2011, encouraging investors to gain from a potential repeat of BTC’s explosive price surge.

Additionally, investors can get passive income from the project through its lucrative stake-to-earn program. By staking their coins to contribute to the smooth operations and security of the network, users will receive rewards in BTCBSC coins.

The stake rewards depend on the available APY and users’ amount of staked BTCBSC tokens in the stake pool. Already, the project has reserved about 69% of its total supply of stake rewards for distribution for over 120 years.

Already, the presale has recorded a great milestone as it has reached over $4 million out of its target of $6.06 million.

https://twitter.com/Bitcoinbsctoken/status/1704799670118039638

As such, interested crypto enthusiasts can purchase and own BTCBSC using ETH or USDT on the project’s official website.