MultiversX (EGLD) is showing signs of a potential breakout as it consolidates within a descending triangle pattern on its daily chart. This technical formation often precedes significant price movements, making it a key focus for traders and investors alike. Based on the data provided in the document, analysts are closely monitoring this development for possible trading opportunities.
EGLD Price Action Overview
Currently, EGLD is experiencing a series of lower highs that are pressing against a horizontal support level. After recently testing its support zone around $119.4, the cryptocurrency rebounded sharply, moving back toward $138.4, which is just below the upper boundary of the triangle.
Market Analysts' Insights
Market analysts are closely watching this pattern, as a successful break above the triangle's resistance could lead to a bullish continuation. If buyers can push the price above the triangle and reclaim the 200-day moving average at $153.5, it may trigger a rally towards a target near $241.6, indicating strong upward momentum for EGLD in the near future.
