Market Overview for MultiversX/Tether (EGLDUSDT) – 24-Hour Summary (2025-09-25)

• Price dropped to 12.31 during the session, the lowest in 24 hours, showing bearish momentum.
• Volume spiked sharply in the final hours, indicating increased selling pressure or volatility.
• RSI and MACD suggest overbought/oversold conditions, highlighting potential for a reversal or continuation.
• Bollinger Bands narrowed earlier, followed by a break lower, signaling a possible move toward key support levels.
• The 15-minute candlestick pattern showed a bearish engulfing formation near the peak, confirming a downward shift.

The pair opened at 13.20 on September 24 at 12:00 ET, reaching a high of 13.32 before closing at 12.57 as of 12:00 ET on September 25. The 24-hour low was 12.31. Total volume was 100,043.89 units, with notional turnover of $1,251,080.26. A clear bearish bias emerged as sellers regained control after midday, with the price collapsing through key support levels late in the session.

Structure & Formations

The 15-minute chart showed a strong bearish trend with a key support level forming around the 12.55–12.60 range. A notable bearish engulfing pattern appeared at 13:30 ET, confirming the breakdown from a prior resistance level of 13.30. A potential double-bottom pattern formed in the 12.55–12.60 range, suggesting a possible bounce in the near term. A doji appeared at 05:00 ET, indicating indecision after a sharp drop from 12.70.

Moving Averages

On the 15-minute chart, the price closed below both the 20-period and 50-period moving averages, confirming a bearish bias. The 50-period MA at 12.68 and 20-period MA at 12.72 showed a bearish crossover. On the daily chart, the 50-period MA (12.77), 100-period MA (12.81), and 200-period MA (12.84) were all above current price levels, reinforcing the bearish setup.

MACD & RSI

MACD turned negative mid-session with bearish divergence forming between price and momentum. The RSI dropped below 30 during the late hours, indicating oversold conditions and potential for a short-term bounce. However, RSI did not hold above 50 for long, suggesting a continuation of the downward trend is more likely.

Bollinger Bands

Volatility expanded significantly after 18:00 ET, with the bands widening to 12.31–12.97. The price closed near the lower band at 12.57, suggesting a possible short-term rebound or test of the mid-band at 12.69. Earlier in the day, volatility contracted, setting the stage for a breakout move lower.

Volume & Turnover

Volume surged to over 8,000 units in the final two hours of the session, aligning with the sharp drop to 12.31. Notional turnover rose sharply during this period, confirming the strength of the bearish move. The divergence between price and volume was less pronounced, as both moved in the same direction. This supports the idea that the move was driven by genuine selling pressure rather than manipulation.

Fibonacci Retracements

Key Fibonacci levels on the 15-minute chart included 12.61 (38.2%), 12.51 (50%), and 12.43 (61.8%). The price broke below the 61.8% retracement level of the 12.31–12.61 swing, suggesting further downside to 12.35 could be in play. On the daily chart, the 38.2% retracement of the 12.31–12.81 move is at 12.61, a potential short-term support/resistance level.

Backtest Hypothesis

Using the observed bearish engulfing and doji patterns, a potential backtesting strategy could involve entering a short position when the price breaks below the 12.51 (50% Fibonacci) level on a 15-minute candle close, with a stop loss placed above the 12.68 (50-period MA). A target could be set at 12.35, based on the 61.8% retracement level. This approach would align with the bearish momentum confirmed by RSI and MACD divergence, and the move below key moving averages. Testing this strategy over the last 30 days could reveal its reliability in similar setups involving high volatility and strong volume.