Overview of Cryptocurrency Market Post-Powell Speech: Evaluating MultiversX (EGLD)
Post Jerome Powell’s address at the Jackson Hole Symposium, there was a notable upturn in the cryptocurrency market on August 23. Traders, analysts, and investors weighed in on Bitcoin (BTC) and highlighted specific altcoins worth tracking.
One trading expert, known as LLuciano_BTC or Lucky, displayed optimism towards MultiversX (EGLD) which experienced a 10.41% surge within 24 hours, reaching $31.40 per token. Lucky’s analysis emphasized a positive trend shown in the price chart, characterized by a falling wedge pattern, typically indicating a shift from bearish to bullish sentiment, potentially leading to a breakout.
Should MultiversX (EGLD) successfully break out of this pattern with notable volume, LLuciano_BTC foresees a target price of $45.67, a significant 43.75% surge from the current $31.77 level. The expert stressed the significance of the token maintaining support above $29 and potentially facing resistance near $42, in relation to the 365-day exponential moving average.
MultiversX stands out in the realm of cryptocurrencies as the initial blockchain to wholly integrate sharding technology, boosting scalability and introducing innovative features like on-chain two-factor authentication. With numerous validator nodes and a maximum supply of 31 million EGLD, the coin’s utility fees are anticipated to replace conventional transaction fees as its utilization expands.
LLuciano_BTC, an experienced crypto trader with a substantial following, commended EGLD’s development team and supportive community as pivotal elements bolstering its positive forecast. Noteworthy figures in the industry, such as Justin Bons and DBCrypto, have also highlighted EGLD as a promising investment avenue.
Nevertheless, investors must consider the risks tied to MultiversX’s current market capitalization, which is under $1 billion. Vigilant monitoring of market dynamics and prudent risk management are crucial for prospective EGLD investors.
To sum up, the recent market upturn, coupled with expert assessments and fundamental advantages, positions MultiversX (EGLD) as a cryptocurrency of interest in the upcoming period. As always, it’s advisable for investors to conduct thorough research and exercise caution when engaging in the volatile cryptocurrency realm.