MultiverseX: Can the new roadmap push EGLD to the brink of a price hike?

  • MultiverseX has released its roadmap for 2023.
  • EGLD is down 24% since Dec. 9.

Following Elrond’s rebranding as MultiverseX in November, the metaverse-centric blockchain project released its roadmap for 2023.

Early last month, Elrond made the decision to rename like MultiversX, a metaverse-focused decentralized blockchain network. As part of this transition, it launched three products: xFabric, xPortal and xWorld.

Read the MultiversesX [EGLD] Price Prediction 2023-2024

According to the recently released roadmap, in addition to the products already launched, MultiverseX intends to roll out a series of other products between the first and second quarters of 2023.

These products include xSpotlight, MultiversX Explorer, MultiversX Wallet, xPortal, MultiversX Bridges, xWorlds, xMoney, xFabric, and xLaunchpad.

EGLD and the evolution of investor sentiment

After Elrond was rebranded as MultiverseX, its native coin EGLD, rebounded from its November lows to post gains in early December. According to data from CoinMarketCap, between December 1 and December 9, the value of EGLD increased by 6% to trade at $46.21.

Lacking enough coin accumulation to sustain the rally, the bears took over and forced a downward price move. At press time, EGLD was trading at $35.05, down 18% from the $43 it started the month at, and down 24% from the high of 46. $ from December 9.

Since EGLD’s price started falling on December 9, an assessment of performance on the daily chart revealed that key indicators had fallen to oversold lows.

For example, as of December 9, EGLD’s Relative Strength Index (RSI) was above the neutral line of 50 to 52. With increasing selling pressure over the past few weeks, the RSI is quickly dropped to 26.54 at press time.

A 383.51x rise on the charts if EGLD hits Bitcoin market cap?

Similarly, EGLD’s Cash Flow Index (MFI) was pegged at 66 on December 9th. However, at press time it was 7.85. This showed a sharp drop in buying momentum, putting parts distributors in the driving seat of the market.

This position has been proven by the Directional Movement Index (DMI). At press time, the strength of the sellers (red) at 34.56 was solidly ahead of the buyers (green) at 8.08.

In addition, since December 9, EGLD’s On-Balance Volume (OBV) has fallen by 6%, which shows the lack of sufficient accumulation in the market.

Source: Trading View

Finally, the on-chain valuation revealed that the alt has been tracked by negative investor sentiment since the FTX crash. Even amid the rebranding process and the launch of xFabric, xPortal and xWorld, investor sentiment remained negative. At press time it was -0.59.

Source: Santiment

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