Bitcoin did have a huge dump around March 23rd 2023 before the bull run it is experiencing. If we would thing that EGLD is doing something very similar, I would not be surprised of having some time of dump as last point of support for the big actors to fill their bag one last time and only then go up.
That also would coincide with the retracement that BTC is experiencing in the last days, that might continue to the 37-39K range.