Cryptocurrencies started moving positively again this Friday, August 23, following Jerome Powell’s dovish speech at the Jackson Hole Symposium. In this context, trading experts, analysts, and investors weighed in with insights on Bitcoin (BTC) and promising altcoins to watch.
The crypto analyst—known as LLuciano_BTC, who also goes by Lucky—was one of these traders, naming a “bullish outlook” price chart. In particular, Lucky reported a 10.41% 24-hour surge for MultiversX (EGLD) at $31.40 per token by posting time.
Notably, the chart highlights a falling wedge pattern with two tests in the support line and three tests in resistance. This chart pattern illustrates an asset losing bearish momentum, usually breaking out after this formation amid a growing bullish sentiment.
MultiversX (EGLD) price prediction and fundamental analysis
If EGLD breaks from this pattern with enough volume, LLuciano_BTC predicts a first price target of $45.67. The analyst’s breakout target would mean a 43.75% rally for MultiversX, likely squeezing EGLD short-sellers, currently at $31.77.
Interestingly, the token starts creating momentum after breaking out of the 30-day exponential moving average (30-EMA), making support at $29. There is a potential resistance right above $42 with the 365-day EMA that could surge to meet Lucky‘s target.
Overall, MultiversX stands out in the cryptocurrency space, being the first blockchain to fully implement the sharding technology. As a pioneer, the chain benefits from battle-tested scalability, among other innovative developments, like on-chain two-factor authentication (2FA).
The network has one of the largest validator’s node counts among its competitors, only closely losing to Ethereum (ETH). Additionally, the coin has a maximum supply of 31 million EGLD that transaction fees can replace as its usage increases.
LLuciano_BTC also highlighted some fundamental aspects which contribute to his bullish EGLD analysis. For context, the trading expert is a self-proclaimed “Bitcoin OG,” operating since 2015, with over 2 million followers on X.
“Incredible team, supportive community EGLD has really been building constantly!”
Lucky (LLuciano_BTC)
$BTC has started moving so the #altcoins! 🔥
The $EGLD – @MultiversX chart presents a bullish outlook. $EGLD current price approximately $31.40, with a recent increase of about 10.41% in the last 24 hours.
Incredible team, supportive community 🔥 $EGLD has really been… pic.twitter.com/dyamCVBU23
— Lucky (@LLuciano_BTC) August 24, 2024
Other investors have already mentioned EGLD as a promising cryptocurrency to watch from a fundamental analysis perspective, as reported by Finbold on two occasions – namely, Justin Bons and DBCrypto.
Nevertheless, the investment opportunity comes with inherent risks, considering MultiversX’s current low capitalization, below $1 billion. Crypto traders and investors must remain cautious and closely follow related developments that can affect EGLD’s price.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
