EGLD Spikes on Coinbase Listing Announcement
EGLD, the native cryptocurrency that powers the MultiversX (formerly known as Elrond) blockchain, surged 5.0% on Tuesday on the news that Coinbase would list EGLD for trading as of today (Wednesday the 7th of December). The cryptocurrency was at one point up as much as 6.5% in the $46.50 per token area versus its pre-Coinbase listing announcement levels under $44.0.
Coinbase will add support for MultiversX (Previously Elrond) (EGLD) on the MultiversX network. Do not send this asset over other networks or your funds may be lost.
— Coinbase Assets (@CoinbaseAssets) December 6, 2022
EGLD has since fallen back to trade around $44.50 on Wednesday and is still up nearly 2.0% versus pre-Coinbase listing announcement levels on optimism that the listing will result in increased demand for the token. However, on the day, EGLD is now trading about 2.0% lower, amid apparent profit-taking.
Price Prediction – EGLD to Continue Trending Higher?
EGLD’s fall back into the mid-$44.00s from yesterday’s multi-week highs in the $46.00s means that the cryptocurrency has for now failed in its efforts to push sustainably back to the north of resistance in the $45 area in the form of the late-September lows. However, shorter-term technicals suggest EGLD’s near-term bullish prospects remain intact.
EGLD is arguably still moving higher within the bounds of a bullish trend channel. That may give the cryptocurrency the bullish momentum it needs to muster a push above $45 resistance. A break above $45 would open the door to a swift run higher towards the next key resistance area around $50, which is where a mid-October low and the 50 and 100-Day Moving Averages reside.
For what it’s worth, a popular crypto predictor bot that gives cryptocurrency price forecasts based on historical data predicts that, over the next week, EGLD is likely to climb back towards the $45 area and stay within a $41.50 to $47ish range.
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