- EGLD retested $13-$13.40 support, now breaking a descending trendline signaling bullish momentum.
- Measured target of $19 reflects a 37% gain from breakout, with a retest near $13.80-$14 offering a buy zone.
- Market shows balanced longs and shorts; lower volume and liquidations point to cautious trader sentiment.
MultiversX (EGLD) is showing strength, breaking above a key $13 support and escaping a descending wedge. Trading at $14.02 with steady volume, it’s poised for a potential 40% rally as buyers step in, signaling growing confidence after recent gains.
Breaking the Descending Wedge: A Bullish Signal
EGLD’s 12-hour chart shows a classic breakout from a descending wedge .The breakout was marked by a strong bullish candle that pushed the price above the descending trendline. This pattern often signals a shift from sideways movement to upward momentum.
This move comes after multiple tests of the $13 to $13.40 support zone, which has proven to be a solid foundation for the rally.Based on the wedge’s size, the next target is around $19, suggesting a potential 37% gain from current prices.
Traders are eyeing a possible retest of the $13.80 to $14 area. If the price holds here, it could confirm the breakout and offer a good buying opportunity.
Market is Steady Yet Cautious
The market is showing signs of caution with Futures volume on Binance sitting at $12.59 million but has dropped nearly 30%, signaling less speculative trading. Spot volumes are steady but modest, with Binance leading at around $8.73 million. Open interest is also down slightly, hovering near $33.48 million.
Long and short positions are evenly split showing a lack of clear direction among traders. Meanwhile, liquidation volumes have fallen by nearly 29%, this could be caused by fewer forced sell-offs .
Price Action and Outlook
EGLD price pulled back to test support near $13.50 then bounced back to $14.Volume picked up during the breakout, adding weight to the move. This series of higher lows and highs are forming a healthy uptrend.
Bulls have to hold above the $13.70–$14 range and have a bigger volume surge to keep the momentum going. This is because If the price dips below that zone, it could trigger a deeper pullback.
The breakout from the descending wedge points to a bullish setup as EGLD looks like it could be setting up for a 40-45% rally if key levels hold strong.
