MultiversX Price Rebound Faces Bearish Market Structure Ahead of September 10 Supernova Launch

After a prolonged decline from $14 to $16, MultiversX (EGLD) has staged a powerful recovery. Over the past week, its price surged by 55.7%, reaching around $5.38. This price jump was accompanied by an increase in trading volume, which climbed above $52.5 million.

However, despite this strong rebound, the broader market structure remains bearish. To confirm a trend reversal, EGLD needs to break through several key resistance levels. These include the 20-day EMA around $10.32 and the $12-$14 region.

The recent price action has also attracted renewed interest from derivatives traders, with open interest recovering towards $17 million. This increase suggests that traders are starting to return to the market. Nevertheless, participation remains modest compared to earlier cycles.