MultiversX (EGLD) Goes Bullish, Surges by Around +100% in a Month
/ MultiversX’s EGLD token surges +100% in a month! Learn what’s driving the bullish momentum in the cryptocurrency market.
By Nilesh Hembade.
Date: 05 Nov 2023, 11:20 PM IST
In the dynamic world of cryptocurrency, MultiversX’s blockchain protocol has taken center stage with its native token, EGLD. Over the past month, the EGLD token has witnessed an impressive surge, catapulting its price by a remarkable +100.15%.
As of the time of writing, the EGLD token is trading at $47.94, marking a substantial increase of +42.54% in the last 24 hours. Furthermore, it boasts a substantial market capitalization of $1.2 billion, signifying a substantial and growing interest from the crypto community.
What’s Driving the Bullish Momentum Behind MultiversX (EGLD) Token:
Major Breakout in MultiversX (EGLD): A significant turning point for EGLD occurred on October 24th when a long-awaited falling wedge pattern was finally broken, propelling the token’s price from $28.67 to its current value, approaching $48. This breakout has provided a strong momentum boost to EGLD, attracting the attention of investors and traders alike.
Surging Demand: Demand plays a pivotal role in the crypto market, and EGLD’s recent price surge is no exception. The listing of EGLD on Upbit, the largest South Korean cryptocurrency exchange, in April 2023, has increased the demand of EGLD token. Today, the token quickly soared to $93 on Upbit, setting off an arbitrage frenzy that saw the price swiftly rise to $45 on Binance. This event underscores the impact of sudden surges in demand for a limited and valuable asset.
Investors and enthusiasts alike are keeping a close watch on MultiversX’s EGLD as it continues its impressive ascent.
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