EGLD price aims at extending rally following bullish breakout, reclaiming $70 as support

EGLD price is looking at a bullish start to 2024, achieving a breakout as the new year begins. The altcoin observed a successful bull flag pattern over the past couple of days and is set to mark a considerable rally. The network is also taking steps to launch itself deeper into the crypto space.

MultiverseX next plans

MultiverseX announced its plans going into 2024 partnering two of its entities – xExchange and xLaunchpad. The company tweeted recently that with this team-up, they are joining forces to supercharge the MultiverseX scene. 

One key outcome of this partnership is market bootstrapping with xExchange's suite of products: farm, analytics services, staking, etc. Furthermore, incubated projects on xLaunchpad will gain access to ready-to-use DeFi products to add significant utility, tap into large communities and grow their userbase.

What is to be noted is that both xExchange and xLaunchpad are entities operating under the same MultiverseX roof. Whether this partnership will play a hand in the anticipated bullishness is a different question, though.

EGLD price makes it big

EGLD price on the short-term time frame successfully achieved a bull flag pattern following a breakout from the upper resistance of the flag on Monday. A bull flag is known to be a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. The bull flag chart pattern is made up of a downward-sloping channel/rectangle denoted by two parallel trendlines against the preceding trend.

The breakout from the downward channel is considered the initiation of a rally, the target for which is marked to be similar to the height of the flagpole preceding the flag. In the case of EGLD, this target comes up to 19.59% from the present price, setting the cryptocurrency for a potential rally to $84.

Trading at $69, the MultiverseX token has already reclaimed $70 as a support floor as well as is trading above the 50-day Exponential Moving Average (EMA) line, pushing EGLD towards $73.60.

EGLD/USD 4-hour chart

But if the retracement continues and declines below the 50% Fibonacci level, the altcoin could invalidate the bullish thesis and note correction for a couple of trading sessions.