bullish

Coin

MultiverseX (EGLD) price broke out from a long-standing falling wedge pattern over several years on its weekly timeframe. 
The pattern, which is usually a bullish signal, culminated in a breakout above the trendline resistance that had formed from the September 2021 peak. 
Following the breakout, <a href="https://www.thecoinrepublic.com/2024/10/12/egld-crypto-gears-up-for-breakout-key-hurdles-persist/?amp=">EGLD</a> retested this trendline, now acting as support, near $17, consolidating above this crucial level before making another upward move. 
The price soared to approximately $54.28, indicating strong buying interest post-breakout. 
ZAYK Charts highlighted this momentum. The analyst indicated potential surge to 400%, targeting a price near $200 based on the pattern’s amplitude. 
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 <img loading="lazy" decoding="async" width="684" height="756" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-307.png" alt="" class="wp-image-880940" style="width: 100%;height:auto" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-307.png 684w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-307-271x300.png 271w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-307-150x166.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-307-300x332.png 300w" sizes="auto, (max-width: 684px) 100vw, 684px">
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 Source: X
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</div> 
Following a wedge pattern, where the retracement to the breakout point confirmed the trend change. 
The volume supported the validity of the breakout and retest phases. 
With the technical outlook suggesting further gains, the path to $200 though ambitious, aligned with historical responses, particularly under bullish macro conditions anticipated for the sector. 
<h2 class="wp-block-heading" id="h-concentration-of-leveraged-orders">Concentration of Leveraged Orders</h2> 
Analysis of EGLD/USDT Liquidation Heatmap revealed significant liquidation risks around the $50 price level. It was densely populated with leveraged positions. 
At the time of observation, the <a href="https://www.thecoinrepublic.com/2024/09/18/egld-price-prediction-will-multiversx-price-push-for-30-mark/?amp=">EGLD</a> price hovered around $46. This meant an imminent risk for traders with high leverage near this critical threshold. 
The heatmap displayed multiple horizontal bands depicting liquidation points reflecting the severity of potential losses based on leverage intensity. 
Throughout the 24-hour period captured, there were visible fluctuations in price, with occasional spikes that approached these critical liquidation bands. 
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 <img loading="lazy" decoding="async" width="1024" height="605" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-306-1024x605.png" alt="" class="wp-image-880934" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-306-1024x605.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-306-300x177.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-306-768x453.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-306-1536x907.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-306-2048x1209.png 2048w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-306-150x89.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-306-696x411.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-306-1068x631.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-306-1920x1134.png 1920w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
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 EGLD/USDT
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Notably, a few narrow escapes from liquidation at higher levels suggested a volatile yet cautious trading environment. 
The lower zones, notably around the $45 to $48 range, showed fewer liquidation threats. It points to a relatively safer harbor for less leveraged positions. 
This indicated the precarious nature of trading within tightly ranged price levels. Even slight market movements could trigger significant liquidations. 
The potential for sharp declines or recoveries remained. Any upward push could swiftly take prices towards or beyond the $50 mark. That would effectively challenge the amassed liquidation points further fueling EGLD towards $200. 
<h2 class="wp-block-heading" id="h-egld-price-oi-weighted-funding-rate">EGLD Price, OI-Weighted Funding Rate</h2> 
Furthermore, EGLD OI-Weighted Funding Rate showed that rates were spiking as prices rose sharply in early this month. 
This showed correlation between the funding rate and the EGLD price, indicating market sentiment and leverage usage among traders. 
Following the early December peak, where prices briefly touched $46, funding rates sharply declined, suggesting a cooling of trader enthusiasm and potentially lower leverage in positions. 
This decline in the funding rate was mirrored by a stabilization of prices around the $45 mark. That indicates a period of consolidation after the volatility spike. 
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 <img loading="lazy" decoding="async" width="1012" height="248" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-305.png" alt="" class="wp-image-880928" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-305.png 1012w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-305-300x74.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-305-768x188.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-305-150x37.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-305-696x171.png 696w" sizes="auto, (max-width: 1012px) 100vw, 1012px">
 <figcaption class="wp-element-caption">
 EGLD OI-Weighted Funding Rate | Source: Coinglass
 </figcaption>
 </figure>
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Notably, the OI-Weighted funding rate remained relatively flat throughout. Despite the price movements, the overall trading volume was not heavily influenced by these fluctuations. 
During sharp price increase, the funding rate often spiked, which indicated a surge in speculative trading, while the subsequent drop highlighted a pullback in trader commitment. 
These all combined suggested caution among traders, possibly anticipating further corrections or awaiting clearer signals for sustained momentum. 
As of mid-December, the funding rate settled near zero, aligning with a price stabilization at $45.26, hinting at a tentative balance between buy and sell pressures, with potential for either continuation or reversal based on forthcoming market catalysts. 
The post <a href="https://www.thecoinrepublic.com/2024/12/15/multiversex-egld-price-breakout-can-it-surge-over-400/">MultiverseX: EGLD Price Breakout, Can It Surge Over 400%?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

MultiverseX: EGLD Price Breakout, Can It Surge Over 400%?

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