Bitcoin Moves: Insights on Altcoin to Watch from Trading Expert

Bitcoin Moves Signal Opportunity for Altcoins

Cryptocurrencies are experiencing positive movement this Friday, August 23, after Jerome Powell's dovish speech at the Jackson Hole Symposium. With this backdrop, trading experts are analyzing Bitcoin (BTC) and altcoins that are gaining traction.

LLuciano_BTC's Bullish Outlook on MultiversX (EGLD)

Trading expert LLuciano_BTC, also known as Lucky, reported a significant 10.41% surge within 24 hours for MultiversX (EGLD), reaching $31.40 by posting time. His analysis reveals a falling wedge pattern, indicating a potential breakout as bullish sentiment grows.

Price Prediction and Market Dynamics

• If EGLD breaks from its current pattern with substantial volume, LLuciano_BTC predicts a price target of $45.67, which would represent a 43.75% rally.
• Momentum is building as EGLD breaks above the 30-day exponential moving average, establishing support at $29.
• There is potential resistance just above $42, aligning with Lucky's target forecast.

MultiversX: A Leader in Innovation

MultiversX stands out as one of the first blockchains to fully implement sharding technology, providing it with scalability and innovative features such as on-chain two-factor authentication (2FA).

Furthermore, EGLD boasts a maximum supply of 31 million coins, which transaction fees can replace as demand rises.

Lucky highlights the solid foundation of the EGLD community and a strong development team, solidifying his positive outlook. As an established figure in the crypto space with over 2 million followers on X, his insights carry weight.

Given the current momentum of Bitcoin and related altcoins, keeping a close eye on MultiversX (EGLD) could be advantageous for investors.