EGLD Bullish Breakout Targets $58 as User Growth Accelerates

EGLD confirms a bullish breakout from a falling wedge, aiming for the $58.25 resistance as user growth and volume surge support momentum.

MultiversX ecosystem adds 4.5M users in six months, reinforcing EGLD’s bullish setup with strong technicals and rising on-chain activity.

EGLD maintains support above $14 after a key breakout, fueled by growing adoption and anticipation around the Supernova update.

EGLD is flashing strong bullish signals following a confirmed breakout from a long-term falling wedge. Currently trading at $14.44, EGLD’s price recently broke above descending trendlines that defined its multi-month correction. The breakout follows a period of sustained support near the $11.77 level. This zone consistently attracted buyers, helping to stabilize the asset after its December 2024 peak of $58.25.

Source: Lucky

Lucky, a market observer, described EGLD as “locked and loaded” for a major move. He cited the project’s top-tier team, powerful community, and massive potential as core catalysts. EGLD’s breakout confirms bullish structure formation, supported by technical signals and price action. This setup suggests the token could revisit its previous highs if momentum sustains.

Moreover, the falling wedge structure—considered a classic bullish reversal pattern—played out almost perfectly. Price action tightened between converging trendlines, with declining volume confirming the setup. Consequently, EGLD’s June breakout attracted significant buying interest. Volume surged during the breakout, reinforcing bullish conviction among traders.

EGLD Begins New Bull Cycle

Besides the technical momentum, EGLD is also witnessing bullish fundamental trends. The MultiversX ecosystem—formerly Elrond—is rapidly expanding its user base. Total wallet addresses crossed 8.5 million as of June 14, 2025. This represents a 112% growth from its mid-2024 levels.

Adrian Tiberiu highlighted two major growth waves over the past year. December kicked off the first phase, when account creation skyrocketed from 4 million to over 7 million. This bullish user trend extended into January, indicating deeper ecosystem adoption.

Source: Andrian Tiberiu

Additionally, user acquisition sustained steady growth through May. In June, the growth curve steepened again. The anticipation around MultiversX’s Supernova update likely accelerated this trend. Hence, both technical and ecosystem fundamentals now align in favor of further EGLD appreciation.

Eyes on $58.25 Resistance

EGLD currently consolidates above its breakout level. This price action indicates possible continuation toward key resistance at $58.25. If bulls maintain momentum, EGLD could test or even surpass this target in the coming weeks.

The current structure supports an early-stage bull cycle. Volume activity and trend alignment show growing investor confidence. Moreover, holding above $14 confirms strong recovery footing.

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