Market Overview for MultiversX/Tether (EGLDUSDT)

• Price opened at $14.20 and surged to $14.53 before retracing to $13.94, closing near $14.00 at 12:00 ET.
• Strong volume activity occurred during the $14.35–$14.53 peak, with a later decline confirming bearish momentum.
• RSI showed overbought conditions early, followed by a sharp drop into oversold territory toward the close.
• Bollinger Bands indicated moderate volatility expansion during the peak and contraction during the decline.
• A long-legged doji near $14.37 and a bearish engulfing pattern near $14.40–$14.35 signaled indecision and reversal.

24-Hour Price Action and Volume

MultiversX/Tether (EGLDUSDT) opened at $14.20 on 2025-10-03 at 12:00 ET, reaching a high of $14.53 before retracing sharply to a low of $13.94. The 12:00 ET closing price stood at $14.00. Over the 24-hour period, total volume was 189,546.63 and total turnover reached approximately $2,716,622.94. The price action was characterized by strong bullish momentum followed by a reversal and bearish continuation.

Moving Averages and Structure

On the 15-minute chart, the 20-period moving average rose sharply with the price breakout, while the 50-period MA lagged behind, suggesting a possible divergence as the price pulled back. On a broader scale, the 50/100/200-day MAs appear to be in a neutral position, with no clear bias toward a short-term trend. Key support levels formed around $14.15 and $13.94, while resistance emerged at $14.35 and $14.44.

MACD and RSI Dynamics

The MACD turned positive during the bullish breakout, peaking at the top of the move before diverging from the price as the trend reversed. The RSI hit overbought levels (>70) in the morning and dropped sharply into oversold territory (<30) by early morning on October 4, indicating exhaustion in both directions. These dynamics suggest a high probability of consolidation or a potential reversal around the $14.00–$14.15 range.

Bollinger Bands and Volatility

Bollinger Bands expanded during the $14.35–$14.53 move, indicating rising volatility, followed by a sharp contraction during the sell-off, suggesting a potential low-volatility phase ahead. The price closed near the lower band at $14.00, which may trigger further bearish pressure unless a reversal occurs from the key support level.

Fibonacci Retracements and Candlestick Patterns

Fibonacci retracement levels at 38.2% ($14.31) and 61.8% ($14.16) appeared to provide resistance and support, respectively, during the pullback phase. A long-legged doji around $14.37 and a bearish engulfing pattern from $14.40 to $14.35 signaled indecision and potential trend reversal. Traders may watch these levels for confirmation of a potential bounce or breakdown.

Volume and Turnover Insights

The highest volume occurred during the peak at $14.35–$14.53, indicating strong buying interest. However, the subsequent sell-off saw increased volume despite lower turnover, signaling a possible divergence. This suggests market participants are selling into strength or reversing their positions, which could signal a bearish continuation or a consolidation phase.

Backtest Hypothesis

A potential backtest strategy could utilize the bearish engulfing pattern and Fibonacci 61.8% level at $14.16 as a short-entry signal. Stops could be placed above the doji high at $14.37, while targets might be set at $13.94 and $13.80 based on prior support levels and Bollinger Band dynamics. This approach aligns with the observed price action and could be tested over historical 15-minute data to evaluate profitability and risk-adjusted returns.