Market Overview for MultiversX/Tether USDt (EGLDUSDT)

• Price surged 5.2% over 24 hours, closing near the high at $14.13.
• Strong volume accumulation confirmed bullish momentum around $14.0–14.2.
• RSI and MACD signaled overbought conditions, hinting at consolidation.
• Volatility expanded with Bollinger Bands widening, reflecting aggressive buying.

The EGLDUSDT pair opened at $13.85 on 2025-09-09 at 12:00 ET and closed at $14.13 on 2025-09-10 at 12:00 ET. The price reached a high of $14.29 and a low of $13.85 during the 24-hour period. Total volume amounted to 127,464.84 units, with notional turnover reaching $1.77 million.

Structure & Formations

The 15-minute OHLC data revealed a strong bullish bias throughout the session, with price forming multiple bullish engulfing patterns, especially between 00:15 ET and 02:15 ET. A key support level appears at $13.90, which was tested but held during a bearish candle at 18:15 ET. Resistance formed strongly at $14.25, where the price met a bearish reversal pattern. The formation of a broadening top in the latter half of the session suggests a potential pullback or consolidation phase.

Moving Averages

On the 15-minute chart, price remained well above the 20-period (EMA 20) and 50-period (SMA 50) moving averages, indicating strong momentum. On the daily chart, the 50-period and 200-period (SMA 50 and 200) moving averages showed bullish alignment, with price above both. This reinforces the idea of sustained upward momentum.

MACD & RSI

The MACD crossed above the signal line early in the session, confirming the bullish trend. By the end of the session, the histogram showed a peak, suggesting potential exhaustion of buying pressure. The RSI peaked at 76, entering overbought territory, which could foreshadow a pullback. However, as long as RSI remains above 50 and the MACD remains positive, the trend remains intact.

Backtest Hypothesis

A potential backtest strategy would involve entering a long position when the price closes above the 50-period SMA on the 15-minute chart, confirmed by an RSI above 55 and a bullish engulfing candle. A stop-loss would be placed just below the nearest support level, with a target set at the next major resistance. This setup aligns well with the observed price behavior and reinforces the technical signals from the current session.