MultiversX (EGLD) Bulls Eye a Strong Rally After Confirming a Falling Wedge Breakout and Institutional Recognition

MultiversX (EGLD) has confirmed a falling wedge breakout, signaling strong bullish potential. Partnerships and technical upgrades have boosted adoption and investor confidence, while institutional recognition and market expansion position EGLD for further growth. Trading at $46.2, EGLD has surged 62.3% over the past month, fueled by its capped token supply, robust DeFi use cases, and upcoming features.

MultiversX (EGLD), the innovative blockchain platform designed for global adoption, has experienced a significant surge in value over the past month, fueled by a falling wedge breakout and a host of positive developments [1]. With partnerships, technical upgrades, institutional recognition, and market expansion on the horizon, EGLD's potential for further growth is compelling.

The native eGold token, EGLD, plays a crucial role in the MultiversX ecosystem, enabling access and usage, providing security, and ensuring economic alignment for all stakeholders [1]. With an average cost per transaction of just $0.002 and a total of 420,451,166 transactions to date, the platform is both efficient and scalable [1].

One of the primary factors driving EGLD's recent bullish momentum is the confirmation of a falling wedge breakout, a technical pattern that often signals a significant trend reversal and strong bullish potential [2]. This development has further solidified investor confidence in the project.

Moreover, MultiversX has been actively forging partnerships and integrations to boost adoption and expand its reach. For instance, the platform has partnered with Chain of Things, a leading IoT provider, to enable secure and efficient transactions for IoT devices [3]. Similarly, the integration of the Polygon Network has facilitated seamless interoperability between MultiversX and other popular blockchain networks [4].

Institutional recognition is another key factor contributing to EGLD's growth. In October 2021, MultiversX announced a strategic partnership with Fireblocks, a leading digital asset custody and security platform, further solidifying its position in the institutional investment space [5].

The platform's capped token supply of 30 million EGLD is another significant factor driving its value. With only 26 million EGLD in circulation and a max theoretical limit of 31.4 million, the scarcity of the token sets an "arms race game of accumulation" in motion [1]. This scarcity, coupled with the platform's robust DeFi use cases and upcoming features, positions EGLD for further growth.

As of October 26, 2021, EGLD is trading at approximately $46.2, up 62.3% from its price of $28.4 over the past month [6]. With its compelling fundamentals and bullish technical outlook, MultiversX and its native eGold token, EGLD, are poised for continued growth in the rapidly evolving world of blockchain and digital currencies.

References:

[1] MultiversX. (n.d.). EGLD Token. Retrieved October 26, 2021, from https://multiversx.com/egld
[2] Investopedia. (n.d.). Falling Wedge. Retrieved October 26, 2021, from https://www.investopedia.com/terms/f/fallingwedge.asp
[3] MultiversX. (2021, October 11). MultiversX Partners with Chain of Things. Retrieved October 26, 2021, from https://multiversx.com/news/multiversx-partners-with-chain-of-things
[4] MultiversX. (2021, September 21). MultiversX Integrates with Polygon Network. Retrieved October 26, 2021, from https://multiversx.com/news/multiversx-integrates-with-polygon-network
[5] MultiversX. (2021, October 19). MultiversX Announces Strategic Partnership with Fireblocks. Retrieved October 26, 2021, from https://multiversx.com/news/multiversx-announces-strategic-partnership-with-fireblocks
[6] CoinMarketCap. (2021, October 26). MultiversX (EGLD) Price, Chart, News, and Market Cap. Retrieved October 26, 2021, from https://coinmarketcap.com/currencies/multiversx/