Elrond (EGLD) Price Prediction 2023-2024: Will EGLD Hit $1?

Amid the increased social activity for DePIN projects, the EGLD price action reveals a positive cycle in motion. As the native token of the multiversX, EGLD has shared a similar phase to all the other metaverse tokens in the crypto market.

DePIN projects have seen a surge in social activity recently, which could be a positive sign for EGLD price. As the native token of the multiversX, EGLD has followed a similar trajectory to other metaverse tokens in the crypto market.

After a downtrend over the last few months, EGLD has struggled to stay above critical support levels. But will this recent reversal lead to a breakout rally and a major trend reversal? Let's take a closer look.

A Bullish Recovery Halted

On the daily chart, EGLD price action shows a falling channel pattern. The cryptocurrency is currently trading at $28.38 with an intraday gain of 0.74%, following a 4.11% rise yesterday.

This bullish reversal completes a morning star pattern and the crucial support of $28 is preventing a potential upcycle within the consolidation range. The falling channel marks a price drop of 60% from the peak of $64.34 to the bottom of $25.73.

However, a double-bottom reversal is putting additional pressure on the EGLD resistance trend line. As the broader market recovery continues, EGLD price is likely to attempt to break through the bearish trend line.

Technical Indicators:

RSI: The daily RSI line is showing a positive trend and holding above the midline.

EMA: Following the recent death cross, the crypto's struggle to maintain dominance above the 50-day EMA has seen it act as dynamic resistance ever since.

Could EGLD Price Hit $1?

If the bearish influence is overcome, the breakout rally could see EGLD challenge overhead resistances at $37.55, followed by $45.34. The bullish cycle has re-entered the consolidation range between $28 and $37.55, but the trend line breakout will be crucial. Crypto support levels are at $28.17, $25.67, and the low of $22.13.

Don't miss our Ethereum (ETH) Price Prediction 2024-2030

The above is the detailed content of Elrond (EGLD) Price Prediction 2023-2024: Will EGLD Hit $1?. For more information, please follow other related articles on the PHP Chinese website!