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

• Price declined to 8.97 before rebounding to close at 9.12.
• Momentum shifted mid-day with RSI dipping below 50 before recovering.
• Volatility expanded during the morning, with a surge in volume around 9:00–10:00 ET.
• A bearish reversal failed to confirm, as prices found support near 8.96.
• Bollinger Bands showed a contraction prior to the breakout attempt.

MultiversX/Tether (EGLDUSDT) opened at 9.22 on 2025-10-31 12:00 ET and closed at 9.12 on 2025-11-01 12:00 ET, with a high of 9.55 and a low of 8.96. The 24-hour volume amounted to 63,307.01, and total turnover reached approximately $572,455. The pair experienced a moderate bearish bias in the morning before showing a consolidation trend in the afternoon.

The structure of the 24-hour 15-minute OHLCV data suggests a strong support level forming around the 8.96–9.00 range, with a failed bearish reversal observed after the price dipped below 9.00. Notable bearish pressure was seen during the early hours, but this was met with a clear support cluster that prevented further downside. A small engulfing pattern formed at 9.16–9.13, but it lacked confirmation to indicate a significant reversal.

The 20-period and 50-period moving averages on the 15-minute chart both remained above the price for most of the session, indicating a bearish bias in the short term. However, the 50-period MA moved closer to the 20-period MA as the session progressed, hinting at a potential consolidation or a reversal. On the daily chart, the 50/100/200-period MAs were not fully available, but the 15-minute structure suggests a potential flattening of the trend.

The MACD histogram shifted from bearish to a near-neutral position during the latter part of the session, which aligns with the RSI recovering from a 43 level back to 52. This suggests that selling pressure has diminished and buyers could be stepping in. The RSI did not reach overbought levels, indicating that the rally remains in the accumulation phase. The divergence between the price and RSI, particularly after the morning low, is a positive sign for near-term buyers.

Bollinger Bands showed a contraction in the early hours, with prices trading within a narrow range before a sharp expansion in volatility occurred. This breakout attempt to the downside failed at 8.96, suggesting that this level could act as a key support in the near term. Prices currently sit within the upper and middle bands, indicating a consolidation after the failed bearish move.

The Fibonacci retracement levels drawn from the 24-hour swing (9.55 high to 8.96 low) show that the price closed near the 61.8% retracement level at 9.13. This alignment suggests that the pair is testing key psychological levels and could either consolidate or break out in either direction. The 38.2% retracement level at 9.25 was tested twice during the session but failed to hold, which could indicate a lack of conviction among buyers.

Backtest Hypothesis

Given the technical indicators observed—particularly the failed bearish reversal and the consolidation forming around the 61.8% Fibonacci level—applying a backtest using a Bullish Engulfing candlestick pattern makes strong analytical sense for this market. This pattern, which is typically considered a reversal signal, could be effectively tested using the historical 1-day OHLC data of EGLD/USDT from Jan-2022 to the present. By scanning for confirmed Bullish Engulfing candles and entering a long position on the following day, we can assess the profitability and risk-adjusted return of the strategy over time. This approach aligns with the current chart's suggestion of a potential consolidation or reversal after a failed bearish move, making it a promising candidate for further testing. The next step is to either execute a local Bullish Engulfing scan using daily OHLC data or switch to a supported symbol for the backtest. Let me know your preference.