MultiversX (EGLD) Falling Wedge Alert

MultiversX is showing a classic falling wedge pattern on the daily chart, a bullish reversal setup that suggests a potential breakout to the upside. Over the next year, swing targets point towards the previous all-time high (ATH) range of $500-$600, offering a long-term bullish opportunity for traders.

Key Technical Highlights:
Pattern: Falling Wedge (Bullish)
Current Price: ~$25-$30
Breakout Target: $80-$120 (Initial swing target based on wedge height)
Long-Term Target: $500-$600 (Previous ATH from 2021)
Time Frame: 12 months (swing trade target)
Why this setup looks strong:
Converging Price Action: Price action is tightening, with lower highs and lower lows inside the wedge, suggesting that a breakout is likely imminent.
Volume Decline: A typical feature of falling wedges is decreasing volume, indicating consolidation before a potential breakout.
RSI Divergence: RSI shows bullish divergence, adding strength to the argument that sellers are losing momentum.
Strategy:
Entry: Consider entering on a confirmed breakout above $35-$40 with strong volume.
Stop Loss: Set below $20 for risk management in case of a failed breakout.
Targets:
Short-term: $80-$120 (based on wedge height)
Long-term: $500-$600 (previous ATH in late 2021)
This setup presents a promising risk/reward ratio for long-term investors looking to swing trade MultiversX. Keep an eye on key breakout levels and confirmation signals.

This is not financial advice. Always perform your own research and trade responsibly.