Market Overview for MultiversX/Romanian Leu (EGLDRON) on 2025-10-09

• Price opened at 57.4 and closed at 56.4, declining amid weak volume and bearish momentum.
• Key resistance at 57.9 and support near 56.5 marked by consolidation and failed rallies.
• Volatility expanded in the afternoon, with a 2.6% drop after 14:45 ET.
• RSI approached oversold territory but failed to trigger a reversal, suggesting possible bearish continuation.
• Bollinger Band contraction was followed by a sharp break lower, confirming bearish bias.

The MultiversX/Romanian Leu pair (EGLDRON) opened at 57.4 at 12:00 ET on October 8 and closed at 56.4 by 12:00 ET on October 9. Total volume across the 24-hour period was 2,127.94, while notional turnover amounted to 119,326.58. The session saw a bearish bias emerge in the late afternoon, with a sharp drop from 57.1 to 56.1 in the 14:45 ET candle, signaling a key breakdown.

Structure & Formations

Price action unfolded with a bearish slant, forming a series of lower highs and lower lows after the 17:00 ET peak at 59.1. A bearish engulfing pattern emerged after the 17:30 ET high of 58.7, followed by a strong bearish continuation after the 19:30 ET open at 58.7. A key support level at 57.9 held briefly, but it ultimately failed to reverse the trend. A doji formed at 05:30 ET, signaling indecision, yet the bearish pressure resumed, breaking the 57.4 level and failing to reclaim it.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both remained bearish, with the 50-period MA at ~57.9 and the 20-period MA at ~57.7. These lines acted as dynamic resistances. On the daily chart, the 50-period MA is likely at ~57.5 and the 200-period MA near ~57.1, with price closing below both, reinforcing a medium-term bearish trend.

MACD & RSI

The MACD crossed below the signal line early in the session, confirming a bearish crossover. The histogram remained negative throughout, with the strongest bearish momentum observed after 19:30 ET. The RSI fell from ~68 at the session high to ~36 by the end of the period, nearing oversold territory but without a reversal signal. This suggests that the bearish momentum may continue unless a strong bullish reversal is triggered in the next session.

Bollinger Bands

Bollinger Bands contracted tightly in the early morning hours (between 01:30 ET and 02:45 ET), with price hovering near the midline. This was followed by a sharp break to the lower band after 14:45 ET, with price dropping 1.1 points to 56.1. This breakdown confirmed a bearish breakout, increasing the probability of further bearish momentum in the near term.

Volume & Turnover

Volume activity was concentrated in the late afternoon and early evening ET, with the largest single candle being the 14:45 ET bar, which had 297.26 units traded and a 5.0-point drop to 56.1. This high-volume breakdown confirmed the bearish sentiment. However, turnover did not rise in tandem with volume, suggesting relatively weak conviction. The morning and evening saw zero-volume periods, which may indicate a lack of interest or liquidity during off-peak hours.

Fibonacci Retracements

On the 15-minute chart, the 17:00 ET high of 59.1 to the 19:30 ET low of 58.6 marked a 0.83% retracement level at 58.8. The 0.618 level is near 58.3, and the 0.382 level at 58.7 were both tested but rejected. On the daily chart, a 0.618 retracement from the previous day's high would be around 58.5, a level that failed to hold during the afternoon selloff.

Backtest Hypothesis

A potential backtest strategy could involve a bearish breakout system that triggers a short position when price breaks below the 14:45 ET low of 56.1 with high volume. This level acted as a key support-turned-resistance, and a retest of it could offer a favorable risk-to-reward ratio if the 55.6 level is the target. Stops could be placed above the 56.6 level for risk management. The strategy would aim to capture continuation moves following a confirmed breakdown.