Market Overview: MultiversX (EGLDUSDT) 24-Hour Price Action

• Price rose 5.2% over 24 hours, forming a bullish engulfing pattern near key resistance at $16.64.
• Volume surged to 60,000+ contracts, with most activity clustered between 02:15 ET and 11:45 ET, confirming trend strength.
• RSI hit overbought territory (72) but remained above 50, indicating sustained upward momentum without exhaustion.
• MACD crossed above signal line, with a widening histogram, reinforcing bullish bias.
• Bollinger Bands expanded, reflecting increased volatility and price action near the upper band.

MultiversX (EGLDUSDT) opened at $16.39 on 2025-07-26 12:00 ET, reaching a high of $16.76 and a low of $16.35 before closing at $16.64 on 2025-07-27 12:00 ET. Total volume was 60,421.49, with a notional turnover of $998,523.

Structure & Formations

EGLD/USDT displayed a bullish breakout above the key psychological level of $16.64, confirmed by a 15-minute bullish engulfing pattern. A cluster of higher lows from $16.55 to $16.62 formed a rising base, suggesting strong buyer control. A doji at $16.62 on the 02:15 ET candle hinted at short-term indecision, but the asset quickly regained upward momentum.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart crossed above the price during the 02:15–03:45 ET window, forming a golden cross. On the daily chart, the price remains above the 50-day and 100-day MAs, reinforcing a longer-term bullish bias.

MACD & RSI

The MACD crossed above the signal line with a strong positive divergence, indicating growing bullish momentum. The RSI reached 72 by 04:00 ET, entering overbought territory, but remained above 50 for most of the 24-hour window, signaling sustained buying pressure without immediate exhaustion.

Bollinger Bands

Bollinger Bands expanded significantly during the 02:15–06:00 ET window, reflecting increased volatility. Price action remained near the upper band for much of the period, with a retest at $16.68 failing to break higher, suggesting temporary overbought pressure may cap near-term gains.

Volume & Turnover

Volume spiked to 37,941.42 contracts at 02:15 ET, confirming the breakout above $16.64. Turnover closely tracked volume, with no signs of divergence. However, volume declined slightly in the last 6 hours, suggesting caution as buyers consolidate gains.

Fibonacci Retracements

A 15-minute swing from $16.35 to $16.76 saw price testing the 61.8% retracement level at $16.60 before rebounding. On the daily chart, the 38.2% retracement at $16.54 served as a strong support level, reinforcing the likelihood of a continuation above $16.64.

EGLD/USDT appears well-positioned for a continuation of the bullish trend, with key support at $16.55 and resistance at $16.72. However, traders should remain cautious of overbought conditions and potential profit-taking in the near term. A break below $16.55 could signal a pullback, while a sustained move above $16.72 may trigger a broader upward move.