LIVETickeron detected bullish Crypto Pattern: Pennant EGLD.X on December 20, 2023, netting in a 22.27% gain over 7 days
On December 18, 2023, A.I.dvisor detected a Pennant Pattern (Bullish) for MultiversX cryptocurrency (EGLD.X, $59.576450). On December 20, 2023, A.I.dvisor confirmed the Bullish pattern, setting a target price of $77.300000. 5 days later, on December 25, 2023, EGLD.X reached the target price resulting in a +22.27% for traders who took a long position in the stock.
EGLD.X's RSI Oscillator ascending out of oversold territory
The RSI Indicator for EGLD.X moved out of oversold territory on January 08, 2024. This could be a sign that the stock is shifting from a downward trend to an upward trend. Traders may want to buy the stock or call options. The A.I.dvisor looked at 33 similar instances when the indicator left oversold territory. In 23 of the 33 cases the stock moved higher. This puts the odds of a move higher at 70%.
Technical Analysis (Indicators)
Bullish Trend Analysis
The Stochastic Oscillator demonstrated that the ticker has stayed in the oversold zone for 1 day, which means it's wise to expect a price bounce in the near future.
The Momentum Indicator moved above the 0 level on February 07, 2024. You may want to consider a long position or call options on EGLD.X as a result. In 52 of 83 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are 63%.
The Moving Average Convergence Divergence (MACD) for EGLD.X just turned positive on January 27, 2024. Looking at past instances where EGLD.X's MACD turned positive, the stock continued to rise in 29 of 47 cases over the following month. The odds of a continued upward trend are 62%.
Following a +4.16% 3-day Advance, the price is estimated to grow further. Considering data from situations where EGLD.X advanced for three days, in 190 of 276 cases, the price rose further within the following month. The odds of a continued upward trend are 69%.
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