Market Overview for MultiversX/Tether (EGLDUSDT)

• Price surged from $12.48 to $13.39, closing at $13.11
• Strong bullish momentum evident in RSI and MACD
• Volatility expanded with Bollinger Band width
• Key resistance tested at $13.13–$13.21
• Volume surged during the rally but declined afterward

MultiversX/Tether (EGLDUSDT) opened at $12.48 on 2025-09-26 at 12:00 ET and closed at $13.11 on 2025-09-27 at 12:00 ET, reaching a high of $13.39 and a low of $12.48. Total volume was 150,983.26 EGLD, with a notional turnover of $1.97 million over 24 hours.

Structure & Formations

The 24-hour period for EGLDUSDT showed a strong bullish impulse, forming several key patterns. A notable bullish engulfing pattern appeared at the breakout of the $13.00 level, followed by a continuation pattern with a higher high at $13.39. A doji emerged near $13.11, signaling potential indecision at the close. Key support levels were observed at $12.96 and $12.87, with resistance forming around $13.13 and $13.21.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were closely aligned during the upward thrust, with price staying above both. For the daily chart, the 50/100/200-period moving averages show a long-term bullish bias, with the price well above the 200-period line and the 50-period line crossing above the 100-period line, reinforcing the bullish momentum.

MACD & RSI

The MACD showed a strong positive divergence during the rally, with the histogram expanding after the breakout above $13.00. RSI surged to 68 during the peak and pulled back to 62, indicating strong but not yet overbought momentum. The RSI remains in overbought territory, suggesting a possible pullback, though not an immediate reversal.

Bollinger Bands

Volatility expanded as the Bollinger Band width widened from the early session, with the upper band reaching $13.39 and the lower band dipping to $12.87. Price remained within the bands for the majority of the session, with a brief test of the upper band before closing slightly below it. The widening of the bands suggests increased market activity and a potential continuation of the bullish trend.

Volume & Turnover

Volume surged during the rally from $12.96 to $13.39, with the highest single 15-minute volume spike reaching 19,512.23 EGLD at $13.07–$13.11. Notional turnover peaked at the same time, confirming the price action. However, volume declined slightly toward the close, which could indicate a potential pause or consolidation in the near term.

Fibonacci Retracements

Applying Fibonacci to the recent 15-minute swing from $12.96 to $13.39, the 61.8% retracement level is at $13.14, and the 38.2% level is at $13.07. These levels were tested during the session, with the price closing near the 61.8% level, suggesting a potential area for further consolidation or a short-term pullback.

Backtest Hypothesis

The backtesting strategy described involves entering long positions when the price breaks above the 20-period moving average on the 15-minute chart, confirmed by a bullish engulfing candlestick pattern. A stop-loss is placed at the recent swing low, and a take-profit is set at the 61.8% Fibonacci retracement of the recent bullish move. This strategy aligns well with the observed structure, as the breakout above the 20-period MA was confirmed by a strong bullish engulfing pattern and a valid Fibonacci target was tested. The high volume and RSI divergence during the move suggest the strategy could have yielded a high success rate in this specific 24-hour window.