Market Overview for MultiversX/Tether (EGLDUSDT): 24-Hour Volatility and Key Breakout

• Price surged 7.4% in 24 hours, closing at $10.89 after a bullish breakout above $10.75.
• Volatility spiked in early trading with a 15-minute high of $10.90, followed by consolidation.
• RSI climbed into overbought territory (72), suggesting potential pullback.
• Volume surged in late morning, confirming the breakout as price held above $10.70.
• Bollinger Bands widened, indicating increased uncertainty and potential trend continuation or reversal.

EGLDUSDT opened at $10.20 on October 12, 2025, and surged to a 24-hour high of $10.90 before consolidating at a close of $10.89. The pair experienced a sharp upward move, with price forming a bullish breakout pattern above key resistance at $10.75. Total volume reached 162,648.84, with a notional turnover of approximately $1.76M.

On the 15-minute chart, price formed a series of bullish engulfing and higher high/lower low patterns, indicating strong buy pressure. The 20-period and 50-period moving averages are both sloping upward, supporting the bullish bias. Price is currently above both, with the 20-period MA at $10.74 and the 50-period MA at $10.69. This suggests that short-term momentum remains in favor of the bulls, though a close below the 20-period MA could signal a near-term correction.

MACD is in positive territory, with a narrow histogram suggesting momentum is stabilizing after the sharp rise. The RSI reached 72 in early trading, signaling overbought conditions and hinting at a potential pullback. Bollinger Bands have widened significantly in response to the price spike, reflecting heightened volatility. Price is currently near the upper band, suggesting a temporary overextension. A retest of the $10.62–$10.70 range would be critical for confirming the breakout’s sustainability.

Fibonacci retracement levels from the key swing low at $10.45 and the swing high at $10.90 show critical support at $10.73 (38.2%) and $10.66 (61.8%). Price has held above $10.70, so a close near the 38.2% level would reinforce bullish sentiment. On the daily chart, the 50-period MA is at $10.58 and the 200-period MA at $10.42, indicating a longer-term bullish trend remains intact.

Backtest Hypothesis

The described backtesting strategy seeks to validate the predictive power of the Bullish Engulfing pattern for EGLDUSDT. This candlestick pattern typically occurs when a large bullish candle fully engulfs the previous bearish candle, signaling a potential reversal. To assess its reliability, a backtest over a five-day period from 2022-01-01 to today is proposed. If historical data can be sourced, it would allow for a systematic evaluation of the pattern’s success rate and risk/reward profile. The next step is to either provide a list of Bullish Engulfing occurrences for EGLDUSDT in CSV/JSON format or authorize local detection of the pattern from OHLC data. This would enable immediate execution of the backtest and help assess whether such a strategy could be a valid addition to the technical toolkit for this asset.