Market Overview for MultiversX/Romanian Leu (EGLDRON) – 24-Hour Analysis

• EGLDRON traded in a 24-hour range of $41.31–$45.99 with strong volatility and a closing near session highs
• Price surged past key resistance levels in the early hours before consolidating into a tight range
• High-volume candle near $43.35 and a bullish breakout from a 61.8% Fibonacci level suggest potential follow-through
• RSI hovered near overbought territory, suggesting caution ahead; divergence noted in the final hour
• Volume spiked early, then faded, hinting at reduced conviction in the recent bullish move

Price Action and Volume Behavior

MultiversX/Romanian Leu (EGLDRON) opened at $41.61 on 2025-11-01 at 16:00 ET and closed at $41.67 on 2025-11-02 at 12:00 ET, reaching a high of $45.99 and a low of $41.31. The 24-hour volume totaled 1,234.11 units, with a notional turnover of $52,132. The price moved with a distinct pattern of volatility expansion and consolidation, featuring a sharp rise to $45.99 before retreating sharply to $42.47 and $41.67 in the final hours.

The session saw two major phases: a sharp price increase from $41.67 to $45.99 on high volume, followed by a pullback into a tighter trading range. This suggests a potential shift in short-term sentiment, with bears gaining control after initial bullish momentum.

Structure & Formations

Key resistance levels were broken during the early hours of the session, with price forming a bullish breakout pattern as it cleared a prior high of $43.35. This was confirmed by a high-volume candle and a follow-through move into the $45.99 range. The pullback that followed formed a bearish structure, with price testing the 61.8% Fibonacci retracement level of the prior up-move near $43.35, before consolidating lower.

Notable candlestick formations included a large bullish engulfing pattern near $43.35 and a long bearish candle with a lower wick in the final hour, signaling potential indecision or profit-taking.

Moving Averages

On the 15-minute chart, price surged above both the 20-period and 50-period moving averages, indicating strong near-term bullish momentum. However, in the final 2–3 hours, price fell below these averages, suggesting weakening momentum and potential bearish pressure.

On the daily chart, the 50-period and 200-period moving averages were both in bullish alignment (i.e., the 50-day above the 200-day), indicating that the longer-term trend remains intact.

Momentum and Volatility

The MACD showed a strong positive crossover early in the session, with momentum peaking as the price surged past $45.99. However, the MACD histogram began to contract in the final 4 hours, suggesting a loss of bullish momentum. The RSI peaked near overbought levels in the mid-session and drifted lower as price pulled back, with a minor overbought divergence noted in the last candle.

Bollinger Bands showed significant expansion in the early hours of the session as volatility increased. Price remained near the upper band until the peak at $45.99, then drifted into the lower half of the bands during the consolidation phase, indicating reduced volatility and potential exhaustion in the bullish move.

Fibonacci Retracements

Fibonacci levels played a key role in price action during the session. The 61.8% level of the prior bullish swing from $41.67 to $45.99 was tested at $43.35 and held as resistance before the price pulled back further. This suggests potential support at that level in the coming days. Additionally, the $42.47 price point, where price consolidated in the final hours, corresponds to the 50% Fibonacci retracement level, indicating potential support or resistance in the near future.

Backtest Hypothesis

The backtest strategy described focuses on identifying “Bullish Engulfing” patterns in a given asset’s candlestick chart, aiming to capture high-probability long entries. While this strategy could be applied to EGLDRON, it relies on accurate candlestick identification and pattern confirmation. A notable bullish engulfing pattern was observed near $43.35, suggesting a potential long entry point. However, the subsequent pullback challenges the validity of the pattern, highlighting the importance of filtering for volume and context to avoid false signals. Future testing should focus on validating such patterns against key Fibonacci levels and moving average crossovers to improve accuracy.