EGLDUSDT Surges Past 4.48 as Volume and Momentum Align

Summary
• Price formed a bullish engulfing pattern above 4.48 after a 6.5% rebound from intraday lows.
• Volatility expanded, with 24-hour high-low range of 7.5% and price closing above 4.43.
• MACD turned positive, while RSI entered neutral territory after oversold conditions.
• Volume surged to 24.5k at 4.61–4.58 during the late ET rebound, confirming buying pressure.
• Bollinger Bands widened sharply, with price closing near the upper band at 4.43–4.52.

MultiversX/Tether (EGLDUSDT) opened at 4.49 on 2026-02-06 12:00 ET, reached a high of 4.65, hit a low of 4.38, and closed at 4.55 by 12:00 ET the following day. The 24-hour volume totaled 109,667.3 and turnover amounted to 496,482.82.

Structure and Candlestick Formations

A bullish engulfing pattern formed above 4.48 as price bounced off the 4.43–4.45 support zone. Key resistance appears at 4.58–4.61, where volume spiked during the rebound. A doji near 4.55 suggests consolidation, and 4.48 may act as a near-term floor.

Moving Averages and Momentum

On the 5-minute chart, price closed above the 20- and 50-period moving averages, indicating short-term strength. The daily MACD turned positive with a bullish crossover, while RSI recovered from oversold levels, now hovering near 50. Momentum appears to be building after an aggressive recovery.

Volatility and Bollinger Bands

Bollinger Bands widened sharply as price swung between 4.38 and 4.65. The 24-hour close at 4.55 positioned it near the upper band, suggesting a possible retest of the 4.61–4.58 resistance level.

Volume and Turnover Dynamics

Volume surged at 4.58–4.61 in the late ET session, with a large 24.5k trade at 4.61 confirming a short-covering rally. Turnover also spiked during this period, aligning with the price rebound and suggesting strong conviction behind the move higher.

Forward-Looking Observations and Risks

EGLDUSDT appears to have re-established short-term bullish momentum with support intact at 4.48–4.52 and resistance at 4.58–4.61. A sustained break above 4.61 could trigger further buying, but a retest of the 4.45–4.48 zone is likely if momentum stalls. Investors should remain cautious about intraday volatility and potential profit-taking in the near term.