EGLD by MultiversX is currently exchanging hands at $25.15, up by 1.13% in the last 24 hours, at the press time. It further reflects a rise of 1.24% in the last 7 days and a decline of 2.94% in the last 30 days. There is speculation that the crypto market will rise in the days to come, as some of the tokens are consolidating gains within a limited range. Near-term projections for EGLD, for one, show that gains are on the horizon in the next 5 and 30 days. The monthly gain could translate to 31.94% from the current value. Thus, the volatility of 6.31% could propel EGLD to a peak of $32.82.
The next five days are also likely to see a jump of 3.63% from the current value, taking it to $25.78. Needless to say, several factors such as technological advancements, overall market sentiments, economic conditions, and demand for MultiversX influence these predictions. EGLD prediction estimates the value to move within the range of $29.55 and $38.38 by the end of this year, that is, 2024. The lowest it can go is $25.58, with the phase restricted to October only.
Factors affecting the price of EGLD primarily relate to the state of the economy. Any slight change would clearly have a ripple effect. A rate cut, the most common example, leads to a rise in the price of cryptocurrencies. This allows tokens to continuously rise unless whales decide to accumulate or sell their holdings for profits. Selling pressure placed on top of any book only leads to chaos of downfalls, and cryptocurrencies are no exception.
Fear of inflation and ongoing conflict between Russia and Ukraine and Israel and Iran add to that list on a global level.
It is likely that EGLD will cross the $30 mark given its stand on recent technological advancements. It has fundamentally revised its priorities and aligned efforts to focus more on strategies that deliver certain wins. The strategic positioning of MultiversX Network, Foundation, and Labs ensures the diligent execution of tasks without any unnecessary confusion.
Another technological advancement, in a sense, coincides with the adoption of an economic move. The idea is to make projects leaner and lighter to facilitate speed and efficient actions.
Simply put, a bear scenario is possible; however, MultiversX is attempting to reverse it before it actually happens. A bearish run can potentially take EGLD down to around $22, which is an alternate possible target for the end of 2024.
A basic technical analysis of EGLD indicates that a surge in value is imminent. For instance, the 50-day SMA stands at $27.59, marking the token is undervalued at the moment. The 200-day SMA, which currently stands at $39.47, indicates a similar situation. It has traded in green for 17 out of 30 days in the past. Sentiments are bearish, with an FGI of 32 points and a 14-day RSI of 38.56.
