• MultiversX has completed its economic proposal as EGLD price recovers.
• A vote on the governance will take place on October 22 and represent a milestone of the platform.
• The technicals indicate a target of $16 as the futures volume is increasing.

MultiversX ecosystem is entering its final evolution defining its new economic proposal at the Grand Assembly. Having bottomed out at around $9, EGLD is currently trading at about $10. This is an indication of recovery before the governance vote.

Foundry to Grand Assembly

This proposal was a result of two weeks of community discussion and changes during the Foundry governance meetings. It is a reorganization stage for the network and its native token, EGLD.

The last stage of Foundry process is the Grand Assembly. All the amendments have been incorporated in the updated proposal as the community works towards a coherent structure.

MultiversX suggests that the Assembly will make review of every section of the document. MultiversX suggests that the Assembly will review every section of the document, provide clear explanations on parameters, and make final changes prior to the governance vote.

A blockchain enthusiast Adrian Tiberiu, made his remarks about the event. He stated that the week might turn out to be the most successful MultiversX had since the Elrond genesis. Tiberiu indicated that the amended economic proposal of EGLD would be released soon.

The momentum indicators represent early recoveries. The RSI is at 52.41, compared to the last reading of less than 40 which is an indication of exhaustion caused by a lot of selling pressure.

On October 22, the vote on governance will start. This will become a major landmark in the MultiversX ecosystem and the dawn of on-chain regulation and tokenomic stability.

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A Recovery From Recent Lows

EGLD trades near $10.02, recovering from a short-term low below $9. Fibonacci retracement chart illustrates short term resistances at $10.34, $10.66 and $11.13 based on 0.5, 0.618, and 0.786 levels.

The support around the $9.60 area is also important. A clean break above it will open the pathway to the $12-$14 region. The VWAP (Volume Weighted Average Price) of the current session stands close to $10.06.

A move above this level enhances the chances of additional bullish action. It could extend as far as the 2.618 Fibonacci extension near $16.20. This is a medium-term target in case buying pressure persists.

Source: TradingView

Confirmed Optimism in Futures Activity

Coinglass statistics indicate an increase in market participation in EGLD. Within the past 24 hours, the futures trading amounted to a soaring 37.7% to $23.28 million. Open interest, however, was down 1.26% to $14.02 million.

The volume increases and open interest decreases indicates active position rotations. Those on short-term bearish positions are exiting. However, there are new long traders entering the market before the governance event. This represents the change towards a positive sentiment.

Source: Coinglass

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