Technical analysis by STP_MrNodeItAll about Symbol EGLD: Buy recommendation (9/11/2024)

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-$30Breakout 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.