This crypto is down 42% and screams “buy” right now (Hint: Not XRP)

XRP has been one of the top performers in Q4 2024, increasing its market cap rank in an impressive rally. Meanwhile, other cryptocurrencies significantly retraced in a recent market crash that liquidated billions from long positions, creating a buying opportunity.

In particular, MultiversX (EGLD) is down over 42% since a local top of $58.31, currently trading at $33.63. Technical indicators suggest EGLD could be a “buy” right now, with the potential to bounce back up from support.

EGLD price analysis and technical indicators

The key support zone formed after EGLD broke out on November 11, following weeks of consolidation. EGLD gathered momentum, crossing the 200-day exponential moving average (1D 200-EMA), which is now hovering around $34.91.

Therefore, keeping the price action above the support zone, successfully tested during last week’s crash, and breaking out of the 200-EMA again could set MultiversX’s native token for another rally.

Conversely, the daily Relative Strength Index (RSI) shows weak momentum at 36.00, which could indicate some more bearish continuation. Nevertheless, these RSI levels have historically preceded short-term reversals and breakouts as investors favored fundamentals and embraced the buying opportunity.

MultiversX (EGLD) “buy” fundamentals despite a 42% price drop

Despite the poor price action and the potential reversion hinted at by technical indicators, MultiversX’s “buy” is also backed by solid fundamentals, expert analyses, and real-world momentum with partnerships and collaborations.

From a technology perspective, MultiversX is one of the most scalable, decentralized, and secure blockchains, capable of meeting high-level demand. Justin Bons, founder of Europe’s oldest cryptocurrency fund, called MvX the “technological Holy Grail of crypto” due to its properties.

Last week, three other analysts mentioned they were “keeping an eye” on EGLD, as Finbold reported. Namely, Lucky Luciano, EliZ, and Crypto Busy, all with over a six-digit follower count on X. Lucky targets $100 for EGLD, which can also be read as “eGold,” saying it has “much room for growth ahead.”

Active development, partnerships, and collaborations

Notably, the MultiversX ecosystem is known for its focus on active development, especially through hackathons and collabathons happening worldwide.

In 2024, for example, the Foundation hosted MultiversX Rust Bootcamp in Turkey, Helios Stacking hosted a collabathon with Injective (INJ) in Spain, and Rather Labs recently had its MultiversX development-focused event in Argentina.

For 2025, MultiversX has partnered with Alibaba Cloud to host hackathons and related events in Asian countries, as Finbold reported.

Moreover, the Foundation recently announced a $1.5 million grants program called Growth Games, and Beniamin Mincu is exploring a collaboration with Cardano’s (ADA) Charles Hoskinson.

MultiversX Turns Up with $1.5M to Fuel Blockchain & AI Builders

MultiversX just unleashed Growth Games, a $1.5M annual program designed to back the boldest moves in blockchain and AI.

$750K is up for grabs to onboard new devs and create game-changing tools. $250K is there to… pic.twitter.com/nOZxsz77xA

— Mario Nawfal’s Roundtable (@RoundtableSpace) December 22, 2024

However, the decision to buy EGLD, despite its fundamentals, is personal and bears risks like any investment – especially in cryptocurrencies. MultiversX also has a proportionally low capitalization in comparison with XRP, Ethereum (ETH), Bitcoin (BTC), and other more recognized blockchains.

Featured image from Shutterstock.