As 2024 comes to an end, $EGLD is about to test this support zone (that is becoming a support line) again. At the same time, it has just found another rejection on the 4H 50-EMA, using this indicator as resistance.

Each new up and down retest puts MultiversX's native token in a tighter range that could break out at any moment, either up or down.

The main demand pressure currently lies around $33.25 at the support zone higher edge, but price could go as low as $29.75 while still respecting this liquidity formation.

The main supply pressure is following the 50-period exponential moving average, now at $35. There are significant selling walls around $37.5, $47,5, and $51.40, which is the point where EGLD crossed the 50-EMA to the downside on December 9.

Looking at the Relative Strength Index (RSI), momentum is still neutral, but trending in the bullish direction, making higher lows, currently at 46.6.

This suggests an upside breakout once the trading bots get tired of playing this tighter range. Nevertheless, anything can happen, as usual.

EGLD is trading at $33.75 right now and I'm loading up.

#EGLDSqueeze

- NFA, just entertainment.

Cryptocurrencies are fairly unpredictable.

DYOR and happy new year!