40 Percent Increase in a Single Day: MultiversX Price Prediction

#MultiversX coin (formerly Elrond) has followed a shallow but gradual decline over the past 16 months within a falling wedge formation, a classic configuration that often gives bullish signals in technical analysis. The #EGLD price jumped from the upper bound four times and from the lower bound three times, confirming the importance of the formation in shaping market movements.

Today (November 6, 2023), the single-day 40 percent increase represented a significant breakout from this formation, heralding a shift in sentiment and pointing to a potential trend reversal for #Elrond (MultiversX).

The MultiversX token price entered a recovery state in the fourth week of October, where the price rebounded from the low of $23.24. So far, the bullish rally has posted a 103 percent gain, with the price reaching the current trading price of $47.2.

The bulk of this rise was marked by a significant 40 percent jump in market valuation today, followed by a dominant bullish candlestick on the daily chart. The rise in question not only pierced the resistance of the permanent falling wedge formation, but also signaled a possible transition towards the bullish phase.

Currently, #EGLD price has encountered resistance at the psychological level of $50, which would be an expected result as short-term investors are likely to benefit from the profits. However, following the principles of the falling wedge, uptrends retesting the downslope trendline have become potential targets of the current recovery.

Therefore, if the buying continues, EGLD price is likely to reach $54, then $64, and then $70.

#MultiversX is a blockchain protocol that aims to deliver extremely fast transaction speeds using a method called sharding. It defines itself as a technology ecosystem for fintech, decentralized finance and the internet of things within the new world of the internet.
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