MultiversX/Tether Market Overview

• Price fell sharply from $13.01 to $6.23 before rebounding to close near $10.00 on heavy volume.
• Oversold RSI levels and bullish reversal patterns suggest potential near-term support.
• Volatility surged during the dump, with Bollinger Bands expanding significantly.
• Turnover spiked during the sell-off but has declined with the recovery.
• A 15-minute bullish engulfing pattern formed near $10.00, signaling possible reversal.

MultiversX/Tether (EGLDUSDT) opened at $12.89 on 2025-10-10 12:00 ET and fell to a session low of $3.70 before rebounding to close at $9.93 by 2025-10-11 12:00 ET. Total volume across the 24-hour period was 1,251,765.63, with a notional turnover of $11,169,512.98. The asset displayed extreme volatility and a sharp correction from recent highs near $13.

Structure & Formations

The price action exhibited a bearish breakdown from key resistance near $13, followed by a sharp plunge to a support area around $6.23–$6.20. A strong bounce back to $10.00 and consolidation above $9.80 formed a potential short-term support zone. A bullish engulfing pattern emerged near $10.00, suggesting a possible reversal. Key resistances appear at $10.05, $10.47, and $10.73, while support levels are at $9.60–$9.75 and $9.30–$9.35.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were sharply bearish early in the session but have crossed over in a potential bullish divergence as the price recovered. On the daily chart, the 50-period SMA is near $9.50 and is acting as a psychological support, with the 200-period SMA lagging at approximately $9.30. The price is now above all major moving averages, indicating a potential short-term reversal in trend.

MACD & RSI

The RSI plunged to oversold levels below 25 during the selloff and has since recovered to mid-50s, indicating a potential rebound. The MACD crossed below the signal line during the initial fall but has since turned upward with a positive crossover in the final hours of the session. Both indicators support a short-term bullish setup, particularly with price retesting key support and forming a bullish reversal pattern.

Bollinger Bands

Bollinger Bands expanded significantly during the selloff, reaching a width of over $13 at the time of the breakdown. As the price recovered, it moved into the upper band around $10.00 and has since consolidated near the middle band. A contraction in the bands is expected if the price holds within this range, signaling a potential consolidation phase ahead.

Volume & Turnover

Volume spiked during the selloff, particularly with the candle that closed at $6.23, which traded over 137,822.82 units. This was followed by a sharp drop-off in volume as the price rebounded, suggesting a possible lack of follow-through selling. Turnover also fell significantly post-rebound, indicating reduced conviction in the bearish move. The divergence between volume and price during the recovery phase may signal a short-term reversal in sentiment.

Fibonacci Retracements

The key Fibonacci levels for the recent 15-minute swing from $13.01 to $3.70 are at $9.17 (61.8%) and $8.30 (78.6%). The price currently sits above the 61.8% level at $9.17, indicating that the bounce has exceeded the 61.8% retracement. On a daily basis, retracements from the recent high to the low at $3.70 are at $10.05 (38.2%), $9.36 (50%), and $8.75 (61.8%). The price is consolidating near $9.93, above the 38.2% level, suggesting a possible continuation of the recovery.

Backtest Hypothesis

Given the recent bearish breakdown and sharp selloff followed by a potential reversal at $10.00, a backtesting hypothesis could involve a long position triggered upon a close above $10.05 with a stop loss placed below $9.60 and a take-profit target at $10.73 (a key resistance level identified earlier). The MACD and RSI crossover during the rebound phase could be used as entry confirmation, while the Bollinger Band retraction and Fibonacci retracement levels could be used to define risk and reward parameters. This setup would test whether the short-term reversal is meaningful or a temporary bounce.