Market Overview for MultiversX/Romanian Leu (EGLDRON)

• EGLDRON rose from 59.5 to 60.9 with a 7.38% gain, forming a bullish continuation after a morning consolidation.
• Strong volume surged 163.5% during late-night breakouts, confirming breakout strength without reversal signs.
• RSI hit 65, near overbought territory, with MACD showing a bullish crossover and rising momentum bars.
• Bollinger Bands expanded as price traded near the upper band, suggesting high volatility and potential pullbacks.
• Key support was 58.3, tested multiple times and respected; resistance now at 60.9 with potential for a test above.

The 24-hour chart for EGLDRON opened at 59.5 on 2025-10-05 at 12:00 ET and closed at 60.9 on 2025-10-06 at 12:00 ET. The pair reached a high of 61.7 and a low of 58.1 during the period, representing a 7.38% increase. The total volume traded was 1,331.36 units, and turnover amounted to ~65,919.79 (based on average price of ~49.51). This suggests a strong demand response to the late-night and early morning price action.

Structure & Formations

EGLDRON formed a bullish continuation pattern as price broke above a consolidation range between 58.3 and 59.5 after early morning consolidation. The key support at 58.3 was tested multiple times and held, while resistance at 60.9 was reached during the late morning hours. A bullish engulfing pattern was formed during the 15-minute bar ending at 02:30 ET, as the candle opened at 59.1 and closed at 59.5 after a sharp reversal from 59.3. A tall bullish body followed at 02:45 ET, signaling renewed buying momentum.

Moving Averages and MACD/RSI

On the 15-minute chart, the 20SMA and 50SMA crossed in a bullish manner just before 02:30 ET, confirming a shift in momentum. The MACD crossed above the zero line and showed increasing positive bars, indicating strengthening bullish momentum. The RSI reached 65, near overbought territory, suggesting caution for further sharp upward moves unless volume confirms renewed strength. The 12-period RSI showed no divergence from price, suggesting sustained demand.

Bollinger Bands and Volatility

Bollinger Bands showed a volatility expansion as the price moved from the lower band to the upper band during the morning hours. At 03:30 ET, the price was within the middle band, indicating neutral conditions. The 20-period Bollinger Band width increased significantly during the breakout phase, confirming a period of heightened uncertainty and activity.

Volume and Turnover

Volume surged during the breakout phase, with a 15-minute bar at 02:45 ET recording 223.37 units traded — the highest in the 24-hour window. This was followed by 131.09 at 00:15 ET and 142.8 at 00:30 ET. Turnover was positively correlated with volume, with the highest turnover occurring during the 15-minute bars at 02:45 ET and 00:30 ET. No notable divergences between price and volume were observed, suggesting strong demand confirmation.

Fibonacci Retracements

Key Fibonacci levels were observed during the 15-minute consolidation phase, with 58.3 representing a 38.2% retracement from the earlier high of 59.5 to 58.3. The 61.7 high reached at 14:15 ET represented a 61.8% retracement of the previous downward move. This suggests that buyers are stepping in at key Fibonacci levels to push the pair higher.

Backtest Hypothesis

A potential backtesting strategy involves entering a long position on a bullish engulfing pattern when it forms on the 15-minute chart, particularly if it coincides with a MACD crossover above zero and a RSI reading above 50. Exit criteria could be set when the price breaks below the lower Bollinger Band or when the RSI hits overbought territory (above 70). This setup appears valid on the 02:30 ET bar, which formed a bullish engulfing pattern followed by strong follow-through at 02:45 ET. A stop-loss could be placed just below the 58.3 support level to manage risk effectively.