MultiversX (EGLD) Faces Challenges in Sustaining Recent Price Gains Despite SafePal Integration

MultiversX, formerly known as Elrond, is facing challenges in sustaining recent price gains amidst broader market volatility. The EGLD token price has dropped by 4% in the past 24 hours

MultiversX (CRYPTO: EGLD), formerly known as Elrond, is facing difficulties in sustaining recent price gains amid broader market volatility.

The EGLD token price declined by 4% over the past 24 hours, highlighting ongoing fluctuations in its valuation despite positive developments within its ecosystem.

MultiversX price surge driven by SafePal integration

On Friday, MultiversX announced its integration with SafePal, a leading crypto wallet platform that caters to millions of users worldwide.

The integration is set to enhance MultiversX’s utility and accessibility, enabling SafePal users to directly interact with the EGLD token via both mobile and hardware wallets, offering convenience and security for transactions within the MultiversX ecosystem.

MultiversX’s head of business development, Daniel Serb, highlighted the integration’s potential to expand EGLD’s use cases and improve user interaction, with upcoming browser extensions in the pipeline.

However, the impact of the integration on EGLD’s price appears to be diminishing, as evidenced by the token’s price pullback today.

Important EGLD price levels to watch

MultiversX’s recent price performance aligns with broader trends within the crypto market, where rapid price fluctuations have become commonplace.

Despite initial enthusiasm surrounding the SafePal integration and positive sentiment around MultiversX’s utility, external market factors continue to influence EGLD’s price dynamics.

Moreover, the recent price surge pushed EGLD into overbought territory, as indicated by the RSI, which remains above 60 despite a slight decrease today.

If support at $35.5 gives way, the token could experience a steeper decline towards $27.30, which was EGLD’s price at the beginning of July.

Conversely, if EGLD manages to hold above $36 at the close, it could attempt another push towards $37, which if attained, would indicate a return to the token’s previous bullish trajectory.

A breakout above $37.00 resistance could lead EGLD to test the resistance at $40.

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