Market Overview for MultiversX/Tether (EGLDUSDT) - 24-Hour Analysis

• Price fell sharply after 6:15 AM ET, with a 24-hour low of $12.93.
• Volume surged during the bearish breakout below $13.50, signaling strong conviction in the selloff.
• Momentum indicators show oversold conditions, hinting at potential short-term bounce.
• Bollinger Bands reflect high volatility, with price near the lower band at closing time.
• Fibonacci levels suggest $12.90–$13.10 as potential near-term support and resistance.

MultiversX/Tether (EGLDUSDT) opened at $14.40 on 2025-09-21 at 12:00 ET, peaked at $14.53, and closed the 24-hour period at $12.99 on 2025-09-22 at 12:00 ET. The total volume traded was 222,066.79, and the turnover amounted to $3,059,972.72. The pair displayed a bearish bias over the last 24 hours, with a sharp decline from the morning highs.

Structure & Formations

Price action showed a clear bearish breakdown from key resistance at $14.30 into the early morning hours, followed by a rapid decline after 6:15 AM ET. A long bearish candle on the 15-minute chart at that time formed a confirmation of the breakdown. The price then tested previous support levels at $14.00, $13.50, and $13.10, with each showing increasing bearish conviction. A doji near $13.00 in the afternoon suggested a temporary pause in the selloff, though the bearish momentum remained intact.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart crossed below $14.00, with price trading well beneath both lines by the late morning. On the daily chart, the 50-period SMA crossed below the 200-period SMA, forming a bearish "death cross." Price has continued to trade below these key moving averages, reinforcing the bearish bias.

MACD & RSI

The MACD line turned negative after 5:15 AM ET, with a bearish crossover and diverging histogram, indicating weakening momentum. RSI dropped sharply into the oversold territory below 30 for most of the late morning and afternoon, peaking at a low of 27. This suggests the pair may see a short-term bounce, but with the broader trend still bearish.

Bollinger Bands

Bollinger Bands reflected increased volatility in the early part of the 24-hour period. After a contraction near $14.30, the bands expanded as the selloff accelerated. At the time of the 12:00 ET close, price was resting near the lower band, with a width of ~$1.10. This positions the price at a potential short-term support level, though it may not be enough to reverse the downward trend.

Volume & Turnover

Volume spiked significantly during the bearish move from $14.30 to $13.50, peaking at over 85,000 units during the 6:15 AM ET candle. Notional turnover also increased during this phase, confirming the move. However, after the breakdown to $13.50, volume and turnover remained elevated, but not at the same extreme levels, suggesting some exhaustion in the short-term selloff.

Fibonacci Retracements

Fibonacci retracement levels drawn from the high of $14.53 and low of $12.93 indicate a 61.8% retracement at approximately $13.10. This level is currently acting as a minor support and resistance. If the pair rebounds and holds above this level, a test of the 38.2% retracement at $13.77 could follow. A breakdown below $12.93 would trigger a deeper bearish move toward the 78.6% retracement at ~$12.30.

Backtest Hypothesis

The provided backtesting strategy hinges on using a combination of RSI overbought/oversold levels and a breakout above or below key moving averages to generate trade signals. Given EGLDUSDT's current RSI in oversold territory and the strong bearish crossover in the moving averages, a potential short-term reversal may present an entry opportunity for a long trade near the $13.00–$13.10 zone. A stop-loss could be placed below $12.85, while a take-profit target might aim for the 38.2% Fibonacci level at $13.77. Over the next 24 hours, investors should monitor the 15-minute candlestick pattern for potential bullish continuation signals.