NOIDA (CoinChapter.com) — EGO, the native cryptocurrency of the Paysenger platform, continued to attract buyers even as other small-cap altcoins went into correction in the current week. Following the rally, the token’s price reached an all-time high on March 20.
EGO price rose over 51% since March 19 to chart its new record high of $0.13 on March 20. The Paysenger token has benefitted from the wider market’s bullish sentiment since mid-February this year.
Moreover, the Paysenger team has promised to list its native token on more exchanges in the coming days.
Listing Propel EGO Price
Exchange listings helped push the EGO price rally in March.
One of the drivers behind EGO’s price rally was the token’s listing on the BingX exchange. The official Paysenger X account announced that the listing of $EGO on BingX would go live on March 13. Exchange listing announcements have often acted as bullish cues for a digital asset.
Moreover, the tweet highlighted BingX’s ‘growth and development,’ claiming the exchange was one of the market’s most promising centralized exchanges.
Furthermore, the Paysenger team shared that another listing was in the works for its native token, with an announcement soon to come on March 20. As such, the EGO price is likely to continue its rally. However, with such massive gains, bears must be getting ready to book profits.
Bears Pare Gains After Paysenger’s ATH Rally
The recent EGO price rally has attracted bears to the party, as seen in the long upper wicks on the token’s daily candles. However, the upcoming announcement from the Paysenger team could work in EGO’s favor, helping bulls move above the 0.618 FIB resistance near $0.143.
Moreover, breaking above the immediate resistance could help the EGO price target the resistance near $0.172 unless profit booking forces the token to pare gains.
Apart from the profit booking by bears, another bearish risk for the token comes from its relative strength index, currently overbought with a score of 71.07 on the daily charts. The RSI is a momentum indicator for measuring asset price movements to identify overbought or oversold conditions.
Overbought RSI levels and upward-moving average trendlines indicate a strong presence of bulls in the market. However, traders often consider an overbought RSI level a bearish signal since the occurrence usually precedes a bearish correction or consolidation phase for the underlying token.
As such, a sell-off could force the EGO price to test the support near $0.1. Breaching the immediate support could force the Paysenger token to drop to the 20-day EMA (red wave) support near $0.075 before recovering.
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