MultiversX (EGLD) To Rise Further? Key Harmonic Pattern Signals Potential Upside Move

Date: Wed, May 14, 2025 | 08:12 PM GMTThe cryptocurrency market continues to build on its recent strength, with Ethereum (ETH) leading the charge. ETH has climbed more than 59% over the past month and is now trading near the $2,600 mark — its highest level in months. This resurgence is also helping to lift sentiment across major altcoins, including MultiversX (EGLD) .EGLD is currently showing monthly gains of over 42 percent. More importantly, a well-known harmonic pattern forming on its chart suggests that further upside may be on the horizon.Source: CoinmarketcapHarmonic Pattern Signals More UpsideOn the daily timeframe, EGLD is forming a Bearish Crab harmonic pattern — a technical setup that identifies high-probability reversal zones once the final leg, known as CD, completes. Until that point, the pattern typically drives prices upward with strong bullish momentum.The pattern began when EGLD was rejected near $25.73 on March 03, which marked the X point. From there, the price declined nearly 60 percent, bottoming out at approximately $11.82 on April 17, forming the A point.MultiversX (EGLD) Daily Chart/Coinsprobe (Source: Tradingview)Following this, the AB leg retraced about 57.7 percent of the XA leg, which fits well within the ideal Fibonacci boundaries of the Bearish Crab structure. The BC leg then pulled back around 62.5 percent of AB, stabilizing near the $15.04 C level. This stabilization marked the return of bullish pressure.Now, the CD leg is currently in play and moving strongly to the upside. The projected target for point D is around $33.99, which aligns with the 1.618 Fibonacci extension of the XA leg. This area is often a magnet for bullish price action and is traditionally seen as the completion point for this pattern, though it can also act as a potential reversal zone.What’s Next for EGLD?If the harmonic pattern continues to develop as expected, EGLD could climb as high as $33.99. This would represent an approximate upside of 68 percent from the current price level around $20.13.Support is currently being provided by the 0.382 Fibonacci retracement level at $17.13, which is helping to maintain bullish momentum. The $25.56 level may act as short-term resistance as the price approaches the potential D point target.However, it’s important to note that the broader market direction, particularly the momentum of Ethereum (ETH), will likely play a crucial role in confirming or invalidating this bullish setup for PRIME.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.