Market Overview for MultiversX/Tether (EGLDUSDT)

• Price declined from $13.60 to a 24-hour low of $12.96, closing at $13.13 with bearish momentum.
• MACD and RSI signaled overbought conditions earlier, followed by a divergence suggesting downward reversal.
• Bollinger Bands widened during the drop, indicating increased volatility and potential consolidation.
• Volume spiked during the 03:30–04:00 ET selloff and again in the 14:00–14:45 ET rebound, but turnover did not confirm strength.
• Fibonacci retracements highlight 61.8% support near $13.00 as a critical level to monitor.

The 24-hour period for MultiversX/Tether (EGLDUSDT) started at $13.37 (12:00 ET − 1), reached a high of $13.60, a low of $12.96, and closed at $13.13 as of 12:00 ET. Total volume traded over 24 hours was approximately 134,873.38 EGLD, with a notional turnover of $1,790,570. Price action displayed a bearish bias, particularly after 03:30 ET when a sharp drop of over 1% occurred on high volume.

Structure & Formations

The price formed multiple bearish patterns including a dark cloud cover near $13.50, a key bearish reversal pattern. Key support levels identified include $13.00 (61.8% Fibonacci retracement) and $12.96 (24-hour low). Resistance is currently at $13.24, which has been tested multiple times. A large bearish candle on 15-minute charts at 03:30 ET suggests strong short-term selling pressure.

Moving Averages & Momentum

The 15-minute chart shows a crossover of the 20-period and 50-period moving averages into a bearish “death cross” by early morning, confirming a shift in trend. On the daily chart, the 50-period MA is above the 100 and 200-period MAs, indicating a longer-term bearish tone. RSI entered overbought territory around 17:00 ET but failed to hold, suggesting a reversal may have occurred.

MACD showed a bearish crossover in the early hours of the trading day, with the histogram contracting as price momentum faded. This aligns with the drop in price from $13.49 to $12.96.

Bollinger Bands and Volatility

Bollinger Bands expanded significantly during the 03:30–04:00 ET selloff and the 14:00–14:45 ET rebound, indicating high volatility. Price moved well below the lower band during the selloff, signaling potential oversold conditions. A retest of the upper band may occur if buyers return above $13.24, but without a strong volume confirmation, this is uncertain.

Volume & Turnover

Volume spiked sharply during the selloff (around $13.11 to $12.96) and again during the rebound phase. However, turnover failed to match the strength of these volume surges, suggesting weaker conviction in both bearish and bullish moves. This divergence raises questions about the sustainability of the current trend and highlights the importance of watching for a volume breakout if price moves decisively above $13.24 or below $13.00.

Fibonacci Retracements

Fibonacci retracement levels on the 15-minute chart highlight $13.33 as the 38.2% level and $13.20 as the 61.8% level. On a larger scale, the 61.8% level at $13.00 appears to be a critical support. A break below this level would confirm a stronger bearish bias and could trigger a test of the 78.6% retracement at $12.84.

Backtest Hypothesis

A potential backtest strategy could involve a combination of moving average crossovers and RSI levels. For instance, a long entry could be triggered when the 20-period MA crosses above the 50-period MA, and RSI is below 30 (oversold), with a stop-loss placed below the 61.8% Fibonacci level. A short entry could be initiated on a death cross, with RSI above 70 (overbought), and a stop-loss above the nearest resistance. This approach could be tested over multiple cycles to assess its robustness in trending and ranging markets.