MultiversX/Tether Market Overview

Summary
• Price surged to $10.30 before consolidating near $10.21 amid strong volume.
• RSI signaled overbought conditions, while MACD suggested waning momentum.
• Volatility expanded midday, with a key 61.8% Fibonacci level at $10.19 showing resilience.

EGLDUSDT opened at $10.09 on 2025-11-09 12:00 ET, peaked at $10.30, and settled at $9.86 by 12:00 ET on 2025-11-10. The pair traded at $9.86 with a 24-hour volume of 55,301.66 and a notional turnover of $551,319.12. Price action revealed a volatile consolidation phase, with key support and resistance levels playing a decisive role in market sentiment.

Structure & Formations

Price tested a critical Fibonacci retracement level at $10.19 (61.8%) during the early hours, followed by a strong push toward $10.30. A bearish reversal pattern formed near this level as the candle closed with a long upper wick and minimal body. A subsequent bearish engulfing pattern confirmed the reversal. Key support appears to now sit at $9.96–$10.02, with resistance near $10.16–$10.19.

Moving Averages

On the 15-minute chart, the 20-period moving average (20SMA) rose to $10.22, while the 50SMA lagged near $10.17, indicating a potential short-term bullish bias. On the daily chart, the 50DMA moved above $10.15, with the 100DMA at $10.10 and 200DMA at $10.05, suggesting a slightly bullish bias in the medium term.

MACD & RSI

The 15-minute MACD histogram turned negative in the late morning, confirming bearish momentum, while the RSI hit overbought territory at 72 before retreating below 50 by the close. This indicated a shift in sentiment from bullish to bearish.

Bollinger Bands

Price expanded beyond the upper Bollinger Band at $10.28 during the peak, suggesting high volatility. The contraction observed from 17:00 to 19:00 ET suggested a period of consolidation before a breakout.

Volume & Turnover

Volume spiked during the breakout to $10.30, reaching 1,605 units, with a corresponding notional turnover of $16,465. However, this was followed by a sharp decline in volume and turnover after 10:00 ET, suggesting a potential exhaustion of the bullish move. Divergence between price and volume was evident during the bearish reversal phase.

Fibonacci Retracements

The 61.8% retracement level at $10.19 held as resistance during the morning hours, before breaking down in the afternoon. A critical support level at $9.96–$10.02 is now in focus, aligning with the 23.6% retracement of the prior bullish move.

Backtest Hypothesis

The Bullish Engulfing 3-day-hold strategy on BLSH (Bullish) demonstrated potential profitability when applied to daily candle patterns from 2022-01-03 to 2025-11-10. The strategy assumes entry at the next-day open following a confirmed bullish engulfing pattern and exits after three trading days. This approach relies on momentum and trend continuation, making it particularly relevant for pairs like EGLDUSDT, which showed multiple engulfing patterns in the 24-hour period. The lack of stop-loss or take-profit levels increases risk but aligns with a strict time-based exit, which may be suitable for traders with a medium-term bias.