Market Overview for MultiversX/Romanian Leu (EGLDRON) as of 2025-11-03

Summary• Price dropped sharply from $42.89 to $36.37 amid low volume and bearish sentiment.• Key support at $39.26 tested, with signs of short-covering and consolidation forming.• MACD and RSI signal oversold conditions, but volume remains muted, casting doubt on reversal strength.

Opening Narrative

MultiversX/Romanian Leu (EGLDRON) opened at $41.67 on 2025-11-02 12:00 ET and fell to a 24-hour low of $36.37 before closing at $38.21 by 2025-11-03 12:00 ET. Total trading volume for the 24-hour window was 1,029.63, with a turnover of $39,438.40. The asset displayed a volatile bearish trend, with key resistance near $42.01 and support around $39.26.

Structure & Formations

EGLDRON formed a bearish breakdown pattern from a key resistance level of $42.01, followed by a deep pullback toward $36.37. A long bearish candle on 2025-11-03 15:30 ET (time zone adjusted) marked a bear trap with a high of $39.02 and a close of $37.86. A potential bullish reversal may occur near $39.26, where three 15-minute candles closed with tight ranges. A doji formed at $39.76, hinting at a possible near-term consolidation phase.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were in a steep bearish crossover, with price trading well below both. On the daily chart (calculated from 24-hour closes), the 50-period moving average is at $41.40, while the 200-period line is at $39.90—suggesting medium-term bearish momentum but a possible short-term bounce near the 50-period level.

MACD & RSI

The 15-minute MACD showed a bearish divergence with price, while the RSI is currently oversold at ~27. This suggests the possibility of a short-term rebound but not a full reversal. Momentum remains weak, with MACD and signal line both in negative territory. Investors should watch for a closing above the 50-period MA to trigger a RSI reversal signal.

Bollinger Bands

Volatility has expanded significantly, with the Bollinger Bands widening over the last 12 hours. Price currently sits near the lower band at $38.21, indicating oversold territory. A strong close above the midline of the bands could trigger a breakout move toward $39.76, but further bearish confirmation is needed near the $37.86 level.

Volume & Turnover

Trading volume has declined significantly in the last four hours, with only 13.29 units traded on the 15-minute chart at 13:00 ET. The largest volume spike occurred at 22:30 ET, with 15.19 units traded as price gapped higher to $42.89. Notional turnover has also declined, with the highest turnover spike at $42.49 (10.14 units) followed by a sharp drop as bearish pressure emerged.

Fibonacci Retracements

On the 15-minute chart, the $39.26 level aligns with the 61.8% Fibonacci retracement of the bearish leg from $42.89 to $36.37, making it a key psychological level to watch. On the daily chart, the 38.2% retracement level is at $39.94, which may offer temporary support or resistance depending on volume action.

Backtest Hypothesis

The backtesting strategy described relies on identifying and acting on Bullish Engulfing patterns—candlestick signals indicating a potential reversal in downtrends. If we use EGLD as the symbol for MultiversX/Romanian Leu, backtesting since 2022 could reveal the statistical viability of the strategy, including win rate, average gain, and maximum drawdown. Given the recent bearish action, the market may present an opportunity for such a pattern near the $39.26 level, provided volume and momentum confirm a reversal. A successful signal would require the pattern to close above $39.55.