💡Trade Idea #EGLD/USD:#MultiversX is right now inside the accumulation/consolidation channel ⏳ I believe we gonna stay here for the whole week, but who knows. This market is 24/7. Wherever it goes, I go.
EGLDUST trade ideas
Egld & longAfter completing the beautiful pattern, Butterfly, and finding support in the chromatic trendline, it continued its upward trajectory. It was anticipated to extend its upward move within the range of its 0.618 Fibonacci ascent
EGLD 1H - Break out soon?EGLD has reached the resistance zone near the breakout point, but the question is whether it will happen. Furthermore, there is evident buying interest at within accumulation zone, aiming to sustain and propel the price.
It requires a few hours to confirm this interest and also contingent on Bitcoin.
The buyer has the opportunity to accumulate more (for some days) before a breakout.
EGLD: Bullish PennantElrond (EGLD) technical analysis:
Trade setup : Price spiked up to $50 resistance, got very overbought (RSI > 90!) and pulled back. Now it’s consolidating in a Bullish Pennant pattern, which is a continuation pattern and typically resolves in the direction of an existing trend (in this case an Uptrend). In case of a bullish breakout from this pennant, price could revisit $55.
Pattern : Bullish Pennant – forms typically following a sharp advance, followed by a brief triangular shaped consolidation in price (a small change in direction), before the previous uptrend (bullish) typically resumes. The period of consolidation should have lower volume and the breakouts should occur on higher volume.
Trend : Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish but inflecting. MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance : Nearest Support Zone is $38 (previous support), then $28. The nearest Resistance Zone is $50, then $54.
EGLDUSDTEGLD has a beautiful momentum.
It's ATH was 500 something and now it seems demand zones are quite strong.
Mid-term strategy
EGLD/USDT bullish scenario? 👀 🚀 EGLD Today analysis💎 Paradisers, gear up to delve deeper into EGLDUSDT as it showcases a captivating trajectory, hinting at a heightened likelihood of revisiting its upward momentum after a recent rejection from resistance.
💎 EGLD recently faced a setback from the resistance at 29.32. However, the scales tip towards a probable bullish resurgence from the 26.35 level, with the presence of a bullish OB further bolstering this scenario. Another potential pivot point lies at the demand level of 25.49.
💎 The VRVP's pronounced volume at this juncture indicates that whenever the price approaches this level, a bullish surge is likely.
💎 While some novice traders might be tempted to short at this level, always remember to stay a step ahead, analyzing the market with a discerning eye.
EGLD dip! Let's see if it holds.After this insane move, it's now dipping down to support. Let's see if it holds.
Fantastic RR here!
EGLD Legit pump or gonna dumpDillies are great!
Time to prove its not a BS pump.
So going to be watching the retrace and depending on how it does, will look for an entry.
I will happily miss if leaves without a proper retrace.
Too risky with other assets being more technical.
This could maybe be an Elliott wave Ending Diagonal down W5 is sus.
EGLD BearishFormed Bearish Divergence and printed it's first LH and LL. Looking good for a short entry and is in the range of break point. Manage risk and enjoy the trade. Thank you
MultiversX $EGLD Goes Bullish, Surges by Around +100% in a MonthCurrently, it is encountering horizontal resistance. A successful breakout retest above this resistance level would signal further bullish momentum. However, there's also the potential for a rejection at this point, leading to a possible scenario of downturn.
EGLDEGLD Promising for a move!
This is a general idea of a possible next move!
Find your Entry!
Set your stoploss!
Have your money Management!
Two target identified!
EGLDUSDT.1DBased on the market data provided, the EGLD/USDT pair is currently in an overbought area as indicated by the high Relative Strength Index (RSI) values on the 4-hour and 1-day charts (86.25 and 88.89 respectively). This could possibly indicate a potential future price pullback.
The Moving Average Convergence Divergence (MACD), another momentum indicator, shows positive values on the 4-hour and 1-day charts, indicating a bullish trend. However, the 7-day MACD shows a negative value, suggesting that the longer-term trend may be bearish.
In terms of the Bollinger Bands (Bb), the current price is closer to the upper band on both the 4-hour and 7-day charts, which could indicate a downward price reversal in the short-term.
The support and resistance levels indicate the price levels that the asset has trouble moving beyond. The closer the current price to a support level, the more likely it is to bounce back up. Conversely, the closer the price to a resistance level, the more likely it is to bounce back down. Given the current price of EGLD is 47.32, it is closer to the first resistance level on the 4-hour, 1-day, and 7-day charts, suggesting that it might face downward pressure.
In conclusion, while the EGLD/USDT pair shows a bullish trend in the short-term, the overbought RSI values and the position relative to the Bollinger Bands suggest a potential price pullback. Moreover, the negative MACD on the 7-day chart indicates a possible bearish longer-term trend. Therefore, traders should proceed with caution and consider setting stop losses to protect against potential price drops. This analysis is based solely on the technical indicators provided and does not take into account fundamental factors or broader market conditions which could also affect the price.
EGLD/USD - WHY IS EGOLD PUMPING?Anyone know?
Lovely breakout from this bullish wedge.
Price needs to make a higher high and then it's game on.
Enjoy the gains.
Like and follow for more TA!
EGLD's Impressive PUMP: Wait $35 RetestElrond (EGLD) has been the talk of the town lately, showcasing an impressive uptrend. However, as seasoned traders know, the real test of a rally often comes after a significant surge. In EGLD's case, the crucial level to watch is the $35 mark. Only after a successful retest of this level can we determine if the recent surge is sustainable. Let's dive into this vital aspect of trading. 📈💡
The Spectacular Rise:
EGLD has been on a stellar run, attracting attention and enthusiasm from traders and investors alike. The surge has been nothing short of remarkable, leaving many to wonder about its longevity.
The Importance of Retests:
In trading, retests are critical as they help confirm the validity of a price movement. A successful retest of a key level, such as $35 in EGLD's case, can act as a strong signal that the recent rise is genuine and sustainable.
Patience During Pumps:
It's a common pitfall for traders to jump into an asset during a pump, often fearing they might miss out on further gains. However, the wise approach is to exercise patience and wait for a retest. This discipline can help avoid entering at the peak of a price movement.
Trading Strategy:
Observation: Keep a watchful eye on EGLD's price action, particularly around the $35 level.
Patience: During times of excitement and rapid price surges, resist the urge to FOMO (Fear of Missing Out) and wait for a retest to confirm the rally's strength.
Risk Management: Implement robust risk management practices, including setting stop-loss orders, to protect your positions.
Conclusion:
EGLD's remarkable surge is an enticing development, but prudence is key in the cryptocurrency market. A retest of the crucial $35 level will help determine if this surge is here to stay.
As you navigate the exciting world of crypto trading, remember that patience and a keen eye for key levels are your allies. Stay informed, trade wisely, and may your strategies lead to success.
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EGLD: Overbought at ResistanceTrade setup : Price broke back above the down trendline and above 200-day moving average ($32), which confirmed a bullish trend reversal to Uptrend. Then it spiked up to $50 resistance. However, price is now very overbought (RSI > 90!) just as it reached that $50 resistance. Hence, near-term, we’re likely to see it pause here on some profit taking.
Trend : Uptrend on Short- and Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish but extremely overbought. ( MACD Line is above MACD Signal Line). RSI is bullish (> 55) but extremely overbought (> 80) which could imply that price could briefly pause or pull back if it reaches Resistance.
Support and Resistance : Nearest Support Zone is $28 (previous support), then $22. The nearest Resistance Zone is $38, which it broke, then $50.
EGLD/USDTThe Downtrend seems to have tapped out and Buyers are beginning to get momentum and taking control of the market. My Full Target is 87$ although I do have a Take profit at 53$. I am focused on the high timeframe.
ELGD SHORTExpecting egld going down after taking liquidity
SHORT ENTRY 53
SL 55.72
TP1 47.5
TP2 43
TP3 36.85
EGLD HUGE BOUNCE INCOMINGGGGGGGGBe ready to buy EGld around 27-31 levels. Weekly support a very very strong bounce incoming .Buy the dip
EGLD USDT is ready to make a bullish move. Egld just tapped the weekly demand zone. I have bought a huge bag of egld and am bullish on it, looking for at least a 50-100% move here. The bottom has been made on the Egld coin.
Position yourself accordingly and manage your risk, Proper sl and targets are shared in the chart.
✴️ elrond 333% Bullish Wave Mapped | #1, #2 & #3 ExplainedThe market has periods when its behaviour is quite hard to predict, it goes "sideways" with erratic moves to one side or the other, one can never know for sure if the next move is a breakout or down, a higher high or lower low.
Then there are periods when the market behaviour is easily predictable. Once we can confirm we are in one of those periods we can know with a high level of certainty what happens next, these periods are what we call trends.
On the left side we have a downtrend, easy to see. Lower highs and lower lows.
We are in the process of entering a new uptrend now based on the high volume, bullish indicator and rounded bottom. In an uptrend we will see higher highs and higher lows.
Then we have the "mirror image", if the decline on the left side was steep, we can expect the rise to behave in similar ways.
We can expect a strong wave up (#1), then a medium-term correction (#2) followed by additional growth (#3).
The bear market but in reverse.
This is a simplified version of a bigger picture but I hope it gets the message across.
I can see Elrond (EGLDUSDT) producing 333% in the initial wave.
Namaste.
Analysis of EGOLD/Tether Pair on Binance (1W Timeframe)The chart illustrates the price action of EGOLD against Tether on the Binance platform, observed on a weekly timeframe.
Observations:
Historically, EGOLD experienced a significant rally reaching an all-time high (ATH) near the $545.25 level. Following this, there was a retracement with the price finding support around the $50 mark.
The Fibonacci retracement levels are distinctly marked, highlighting potential resistance and support areas. The price is currently in proximity to the 0.236 level, valued at approximately $126.55.
A descending trendline is evident. A bullish reversal would necessitate a definitive break above this line.
The chart includes the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators. Currently, the RSI sits within a neutral range, while the MACD portrays consolidation, absent of a clear bullish or bearish divergence.
Short-Term (Scalp) Targets:
Immediate resistance is pinpointed at the 0.236 Fibonacci level ($126.55). A break above this could lead to targets at 0.382 ($184.51) and subsequently, 0.5 ($231.01).
Long-Term Targets:
For the asset to indicate a sustained bullish momentum, it would need to surpass its previous ATH. Beyond this, the extended Fibonacci levels suggest potential new ATH targets:
1.618 level would place the price at around $880 (approximation based on the current chart's scale).
2.618 level could see it reach around $1,400.
3.618 level might elevate it to near $1,920.
Breaking above the descending trendline and consistently staying above the indicated Fibonacci levels would hint at a potential move towards these new ATHs.
MultiversX OverviewOverview
MultiversX positions itself as an advanced public blockchain offering significant scalability gains over preceding smart contract blockchains like Ethereum by leveraging its unique Secure Proof of Stake (SPoS) algorithm combined with a truly state-sharded architecture. Improving upon other iterations, the Secure Proof of Stake consensus method integrated into MultiversX streamlines the process of random selection in the consensus group, cutting down selection times substantially. Additionally, built-in features, such as automatic transaction routing and state redundancy, play a pivotal role in minimizing latencies, helping to optimize the VM and, ultimately, user experience. These advancements allow MultiversX to attain transaction rates comparable to those of established platforms like VISA, while also ensuring speedy confirmation times and security.
Elrond-to-MultiversX Rebrand
MultiversX was originally founded and launched as Elrond with the ambition to rival heavyweights in the smart contract blockchain landscape, such as Ethereum and (at the time) EOS. In 2017, Lucian Todea, Beniamin Mincu, and Lucian Mincu came together with a shared vision and established Elrond. The company took a significant leap forward in 2019 when it secured $1.9 million in funding from a private investment round and an additional $3.25 million in a successful Initial Exchange Offering (IEO) on Binance Launchpad. A detailed breakdown of the initial token allocation is as follows:
• Public sale tokens comprise 25% of the total supply.
• Private sale tokens comprise 19% of the total supply.
• Team tokens comprise 19% of the total supply.
• Reserve tokens comprise 17% of the total supply.
• Advisors received 2.5% of the total supply.
• Ecosystem Rewards tokens comprise 7% of the total supply.
• Marketing tokens comprise 8.5% of the total supply.
• Community tokens comprise 2% of the total supply.
In its initial stages, the cryptocurrency associated with Elrond was known as the ERD coin. However, with the launch of its mainnet in July 2020, the company decided to revamp its tokenomics, renaming its digital asset from ERD to eGLD coin to convey the notion of a digital store of value to the next billion crypto users.
In a strategic move signaling its evolution and future aspirations, Elrond underwent a rebranding exercise in November 2022 to MultiversX. With the change came plans to introduce three new Web 3-native products, namely xFabric, xPortal, and xWorlds, all while still utilizing the underlying Elrond technology at the base layer.
xFabric is introduced as a sovereign blockchain module that encompasses core blockchain applications. The platform is designed to provide a range of features and use cases, aiming to serve developers and institutions that seek adaptable blockchain solutions. xPortal is viewed as MultiversX’s “super-app,” intended to function as a gateway into the crypto financial economy and Metaverse. The platform, which is currently live, allows users to customize digital avatars, manage financial tools, including a debit card, and communicate with other users.
Finally, developed in partnership with technology firm Improbable, xWorlds is positioned as a platform that offers experiences that integrate both xPortal and xFabric into a “world of metaverses.” While the specifics of these experiences are not detailed extensively in the announcement, the collaboration signifies MultiversX's effort to intertwine various products and platforms for a cohesive user experience.
eGLD
eGLD, MultiversX’s native token, occupies a multifaceted role within the MultiversX ecosystem, which has now evolved into MultiversX. The token serves not just as a digital currency but also underpins various functionalities critical to the blockchain's health and governance.
Key Utilities of eGLD:
• Transaction Fees: All transactions on the MultiversX blockchain require eGLD as payment for processing.
• Network Security through Staking: eGLD tokens can be staked, a process that aids in enhancing the network's security. Stakeholders play a pivotal role in network validation and, in turn, are often rewarded for their commitment.
• Governance: To foster a decentralized decision-making process, the MultiversX blockchain incorporates eGLD as its native token and medium of exchange. Token holders can influence and vote on pivotal network decisions, giving them a direct say in the blockchain's future trajectory.
When conceptualizing eGLD, the MultiversX team envisioned a token that wouldn't merely operate as a digital currency but would parallel the innate value proposition of gold. However, they aimed to offer added functionalities that would potentially render eGLD more versatile than its tangible counterpart in the long-term perspective.
An intriguing feature of eGLD is its supply cap, fixed at 31,415,926. Initially, early token holders were subjected to lockups, but, as of 2023, the entire supply is now circulating (image below). Such a cap is intentional, driving the token's scarcity and, by extension, its potential demand. Furthermore, instead of adopting a model that continually issues new tokens, MultiversX’s framework utilizes transaction fees. This mechanism effectively diminishes the theoretical ceiling of eGLD, further amplifying its scarcity over time. It's worth noting that as eGLD adoption grows, the dynamics of its supply and demand will continually evolve, reaffirming that the theoretical maximum supply remains a target rather than an absolute certainty.
Transactions and Fees
MultiversX uses a unique model to determine transaction costs. At the heart of this cost determination is the concept of gas, which acts as the fuel for transactions. Every MultiversX transaction is associated with a processing cost, quantified in terms of gas units. When broadcasting a transaction, it's imperative to allocate a gas limit. This parameter sets the maximum amount of gas units that the transaction might consume. Importantly, the actual gas consumption—referred to as 'used gas'—reflects the real quantity of gas units the network needs to complete the transaction. Any gas units not utilized are labeled 'remaining gas'.
The network, when processing the transaction, segregates the used gas into two distinct categories:
• Gas consumed by value transfers and data management: This component encompasses the core activities like moving eGLD values.
• Gas involved in smart contract execution: This includes operations tied to executing both System and User-Defined Smart Contracts.
It's pivotal to understand that standard eGLD transfers only tap into the first category, namely value movement and data management. In contrast, Smart Contract interactions utilize gas from both categories, depending on the complexity of the operations involved.MultiversX fees over time, denominated in eGLD. The processing fee, denominated in eGLD, is derived from two primary factors: the total gas consumption and the price per gas unit. This gas price, especially for the value transfer and data management component, is not arbitrary. Instead, the transaction must stipulate it, ensuring it meets or surpasses a predetermined threshold.
Once the Network concludes the transaction processing, there's an interesting facet to the system—a potential gas refund. If the gas provided surpasses the actual consumption, thereby leading to an overpayment in fees, the Network returns a portion of the eGLD. This 'gas refund' corresponds to the unused or 'remaining gas.'
Technology
At its core, MultiversX is a “next generation” smart contract blockchain competing against the likes of Ethereum, Polygon, Near, Solana, etc. However, MultiversX has introduced two defining features to its architecture that others have not:
1. Adaptive State Sharding: This innovative approach involves fragmenting the blockchain's infrastructure, paving the way for a higher volume of transactions and programs, all while ensuring seamless operation. This ensures that as more computers are integrated into the network, MultiversX’s performance doesn't just maintain but escalates, potentially hitting an impressive benchmark of over 100,000 transactions every second.
2. Secure Proof-of-Stake (SPoS): A consensus mechanism tailor-made by MultiversX, SPoS is designed to synchronize disparate parts of the network, ensuring they align with a unified ledger.
MultiversX WASM VM and Programming Languages
Before diving into MutiversX’s novel Adaptive State Sharding or SPoS, it is worthwhile to understand its virtual machine carried over from its days as MultiversX, now referred to as the MultiversX Virtual Machine. What is unique about this VM is that it serves as an abstraction layer, designed to insulate smart contract developers from the intricacies of the system's internal architecture, simplifying their development experience.
The VM is built using WebAssembly, often referred to as WASM. WASM is a binary instruction format tailored for stack-based virtual machines utilized by other projects like Polkadot and Solana. The benefit of WASM is that it offers developers a diverse toolkit; they're not limited to a single language like Solidity. Instead, they can harness the capabilities of languages like C, C++, Rust, C#, and Typescript (any supported language that can be compiled to bytecode). Despite multiple programming language options, the MultiversX team only supports (and therefore recommends) developers to use Rust. In the future, WASM will be able to compile Solidity code (the most popular smart contract language), making MultiversX and Ethereum/ERC-20 transactions frictionless.
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