MultiversX (EGLD) struggling to maintain previous gains after a 4% drop

MultiversX, formerly known as Elrond, is facing challenges in sustaining recent price gains amidst broader market volatility.

The EGLD token price has dropped by 4% in the past 24 hours, highlighting ongoing fluctuations in its valuation despite positive developments in its ecosystem.

MultiversX price surge was spurred by SafePal’s integration

MultiversX on Friday announced its integration with SafePal, a popular crypto wallet platform serving millions globally.

The integration is expected to bolster MultiversX’s utility and accessibility by allowing SafePal users to interact directly with the EGLD token through both mobile and hardware wallets, enhancing convenience and security for transactions within the MultiversX ecosystem.

Daniel Serb, head of business development at MultiversX, emphasized the integration’s potential to expand EGLD’s use cases and improve user interaction through upcoming browser extensions.

However, the impact of the integration on the price of EGLD seems to be waning going by today’s pullback.

Key EGLD price levels to watch

MultiversX’s recent performance mirrors trends across the crypto landscape, where rapid price swings have become commonplace.

Despite initial enthusiasm surrounding the SafePal integration and positive sentiment around MultiversX’s utility, external market factors continue to influence EGLD’s price dynamics.

Also, the recent price surge pushed the EGLD close to the oversold region as evidenced by the RSI which is well above the level of 60 despite having slightly dropped today.

EGLD/USDT D1 chart

All eyes are on the support at $35.5, which if breached could see the token plummet to $27.30, which was the token’s price at the start of July.

Nevertheless, if EGLD weathers the current pullback, and closes above $36, it could attempt another stab at $37, which if attained could mean the token is back on course with its previous bullish trend.

A break though the resistance at $37.00 could see the altcoin attempt to test the resistance at $40.

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