Market Overview: MultiversX (EGLDUSDT) Sees Strong 24-Hour Rally on Rising Volume

• MultiversX (EGLDUSDT) surged 7.4% over the last 24 hours, with a key breakout above $15.00 and a 24-hour high of $15.36.
• Strong volume and rising turnover confirm bullish momentum, with above-average 15-minute bars driving the advance.
• A bullish engulfing pattern at $14.99–$15.14 signaled renewed institutional interest and short-covering.
• RSI and MACD show overbought conditions, suggesting potential pullback risk after rapid upward movement.
• Volatility expanded through Bollinger Bands, with price near the upper band, indicating stretched long positions.

MultiversX (EGLDUSDT) opened at $14.70 on August 15 at 12:00 ET and closed at $15.32 by 12:00 ET on August 16, reaching a high of $15.36 and a low of $14.49. Total traded volume for the 24-hour period was 91,160.09, while notional turnover reached $1,379,011.23, showing a 7.4% price gain and strong capital deployment.

Structure & Formations

The 15-minute chart showed a clear bullish reversal at the $14.99–$15.14 range, marked by a strong engulfing pattern and a follow-through rally into $15.36. Key support levels were observed at $14.75 and $14.68, which held during pullbacks. Resistance at $15.02 and $15.15 was quickly breached, indicating strong conviction from buyers. A bearish divergence is forming at the top of the current swing, suggesting caution ahead.

Moving Averages

On the 15-minute timeframe, the 20-period and 50-period moving averages are well below the current price, reinforcing the short-term bullish bias. On the daily chart, the 50-day MA is at $14.95, and the 200-day MA at $14.80—both now well under the 24-hour high of $15.36. This suggests a potential shift in the longer-term trend to the upside.

MACD & RSI

The MACD crossed above zero and is trending higher, confirming the bullish momentum. RSI reached 68–70 in the final hours, signaling near-overbought conditions. While this does not guarantee a correction, it suggests short-term profit-taking could occur. The oscillator’s momentum appears to be slowing slightly, which may precede a pause in the rally.

Bollinger Bands

Volatility has expanded significantly, with the 20-period Bollinger Bands widening from ~$0.09 to ~$0.34 over the past 12 hours. The price closed near the upper band at $15.36, suggesting stretched long positions. A pullback to the mid-band at $15.18 could provide a near-term target if buyers re-engage.

Volume & Turnover

Volume and turnover moved in lockstep, with the largest candle (at $15.17–$15.14) accounting for $1,212.44 in turnover. The final 6 hours saw a notable increase in trading activity, particularly as the price crossed above $15.00. No major divergences were observed between price and turnover, suggesting strong alignment between price action and capital flow.

Fibonacci Retracements

Applying Fibonacci to the most recent 15-minute swing (low of $14.49 to high of $15.14), the 61.8% retrace level is at $14.83. On the daily timeframe, the 38.2% retrace level from the recent $14.49 low to the $15.36 high is at $14.96, which appears to have served as a pivot point for buyers. The 61.8% level at $15.20 may become a key area to watch for continuation or reversal.

The rally in MultiversX appears to be gaining institutional traction, especially with the price breaking above $15.10 and approaching the $15.30–$15.40 zone. However, overbought momentum and stretched volatility increase the likelihood of a short-term consolidation or pullback. Investors should watch for support near $15.15–$15.20 and for signs of renewed volume during any potential dip.