Date: July 21, 2025
Exchange: Binance
Pair: EGLD/USDT
Current Price: $18.04 (+3.98% in 24h)
Overview
EGLD, the native token of the MultiversX (formerly Elrond) blockchain, has finally broken free from a long-term downtrend. After months of price compression within a falling wedge pattern, EGLD has confirmed a bullish breakout and is currently showing early signs of trend reversal. This move could mark the beginning of a broader recovery phase for the asset.
Technical Pattern: Falling Wedge Breakout
Pattern Type: Falling wedge (bullish reversal)
Downtrend Duration: From the November 2024 high of $58.25 to the bottom at $11.40 in mid-2025
Breakout Confirmation: Price has broken above the upper resistance line of the wedge with a clean daily close and momentum pushing price toward $18
Falling wedges typically signify exhaustion in bearish momentum, especially when combined with a strong support base — in this case, around the $11.40 level.
Volume & Momentum
24h Volume (EGLD): ~240,610 EGLD
24h Volume (USDT): $4.24M
Price Action: +3.98% gain in 24 hours
Momentum: Strengthening post-breakout, with continued green candles indicating healthy buyer interest
The breakout is occurring with increasing volume — a critical confirmation signal for traders watching for sustainable upward movement.
Key Price Levels to Watch
Immediate Resistance: $19.36
Medium-Term Resistance Zones: $29.67 and $39.98
Major Resistance (Long-Term): $50.29 to $58.25
Support Level: $11.40 (strong base of wedge)
A daily close above $19.36 would mark a strong continuation signal and potentially trigger more buying pressure from swing traders and institutions.
Market Outlook
Short-Term (Bullish):
The wedge breakout and increased bullish activity suggest EGLD could soon test the $19.36 level. A successful move above that may open the door toward $29.67 — a psychologically and technically significant zone.
Medium to Long-Term (Recovery Phase Possible):
With the wedge spanning nearly 8 months and the downtrend likely exhausted, this breakout could evolve into a medium-term recovery if the broader market sentiment remains supportive. Targets include $30–40 and possibly a reattempt at the $50+ range later in the year.
Conclusion
After an extended decline, EGLD has broken out of a classic falling wedge pattern, setting the stage for a potential reversal. The confluence of long-term support at $11.40, increasing volume, and a bullish structure points to renewed market interest. While some resistance lies ahead, the current setup strongly favors the bulls.
