The MultiversX ( EGLD ) token has been gaining momentum recently and has bounced off the $23 demand zone.
After several positive trading sessions, the price of MultiversX could benefit from investor optimism. However, at press time, the Altcoin’s funding rate and OI data suggest investor skepticism.
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Evaluating the recent performance of EGLD price
Driven by the market rebound and improved sentiment in the cryptocurrency market, traders are looking forward to a clear upward momentum above the $30 mark. The price action shows that the EGLD cryptocurrency is facing downward momentum and is trading under a bearish influence.
EGLD bulls have been struggling to break above the 20-day EMA since the start of the month but have been trading below it. This suggests that buyers are weak at the time of writing and further upside momentum is needed.
MultiversX Price Keeps Going Up: Is Recovery Coming?
EGLD price is trading at $27.11, having bounced off the $25 support line. The price has gained more than 4.73% in the past 24 hours. This is an opportunity for bullish investors as the Altcoin has found strong support around $23.
Notably, EGLD price is facing immediate resistance at the 20-day EMA, which is acting as a resistance while trying to push higher. If the bulls break above this level, it could retest the 50-day EMA mark.
Technical Specifications Overview
At press time, EGLD’s Chaikin Money Flow (CMF) highlights rising inflows. This means that more capital is entering the market, indicating that investors are looking more confident.
The MACD indicator along with the CMF is showing a positive crossover. It reveals the accumulation activities of buyers in the past 24 hours.
However, the RSI line remains close to the midline area at 50, conveying a neutral outlook.
Popularity soars
While the price is gradually rising, the weighted sentiment data shows a vertical upward trend, indicating that investors are optimistic about EGLD. MultiversX price broke through the zero line and approached the positive zone, conveying a bullish stance.
The social dominance curve also showed a clear upward trend, attracting the attention of investors on social media platforms.
The OI weighted funding rate data suggests that market sentiment towards EGLD may change.
Funding rates have remained positive over the past two sessions as follow-up buying has emerged. This reflects a bullish outlook for the market and suggests that traders are willing to pay a premium for long positions.
Similarly, futures open interest (OI) rose by more than 3.90% to $17.9 million. This reflects the addition of new long positions in the past 24 hours.
If the EGLD price can break above the 20-day EMA level with great strength, then the EGLD price could rise to $30 and then to $35 in the coming trading sessions. If the price remains below this EMA level, a retracement to the $23 mark is possible.
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