Technical analysis by vinibarbosa about Symbol EGLD: Buy recommendation (8/24/2024)

MultiversX (EGLD EGLDUSD ) currently has a FALLING WEDGE chart pattern testing the lower-highs downtrend again amid a surging bullish sentiment in the crypto and stock markets following Jerome Powell's dovish speech at the Jackson Hole Symposium. I believe there is a short-term long-position opportunity if the bullish momentum sustains with enough volume and EGLD breakout from this pattern. Falling Wedge is a pattern with historically 70% bullish outcomes in finance markets.The swing trade targets the region between $42 (currently marked by the 365-day exponential moving average) and $51, an area of high short-selling liquidity. Potential returns from the breakout can go up to 50%.There is potential support at $29, marked by the 30-day EMA, but also at $28 and $25, at key levels with relevant buying pressure. The community has been pushing an #EGLDSqueeze movement on X that appears to be gaining traction.I've also been positioning myself in the project with a long-term goal, and I believe MultiversX has one of the most solid fundamentals in the cryptocurrency market today.It is the first blockchain to fully implement the sharding technology. As a pioneer, the chain benefits from battle-tested scalability, among other innovative developments, like on-chain two-factor authentication (2FA).The network has one of the largest validator’s node counts among its competitors, only closely losing to Ethereum (ETH). Additionally, the coin has a maximum supply of 31 million EGLD that transaction fees can replace as its usage increases.NFA.