Market Overview for MultiversX/Romanian Leu (EGLDRON) – 2025-10-04

• MultiversX/Romanian Leu (EGLDRON) fell to a 24-hour low near 57.4, signaling increased bearish pressure.
• Volatility spiked after 08:45 ET as the pair dropped over 4.5% in a single 15-minute interval.
• Volume surged during the 08:45–09:00 ET period, confirming bearish momentum but lacking follow-through.
• RSI and MACD both show oversold conditions, hinting at potential near-term rebound.
• The price remains below key moving averages and key Fibonacci support at 58.2–58.4.

The 24-hour period for MultiversX/Romanian Leu (EGLDRON) opened at 61.0 on October 3 at 12:00 ET and closed at 57.6 on October 4 at 12:00 ET, with a high of 62.3 and a low of 57.4. Total volume amounted to 2,068.13, while notional turnover totaled approximately 127,181.5. Price action shows a significant bearish bias with a breakdown below key psychological and Fibonacci levels.

Structure & Formations

Price broke below the 61.3–61.4 support cluster in early ET hours and continued to decline, forming a series of bearish engulfing patterns after 08:45 ET. A sharp drop to 58.2–58.4 occurred during a high-volume bearish move at 08:45 ET, forming a confirmed breakdown of recent resistance. The 58.4–58.5 level is now the immediate support, which has held temporarily but shows signs of weakness. A long lower shadow at 16:00 ET on October 4 suggests some buying interest, but it lacks the volume to be meaningful.

Moving Averages and Bollinger Bands

The 15-minute 20-period and 50-period moving averages are both below current price, confirming the bearish bias. The 50-period line is at around 59.2–59.5. The Bollinger Band contraction seen mid-day on October 4 has expanded into a wide band, indicating increased volatility. Price is now sitting near the lower band, a sign of oversold conditions. The 200-period moving average on the daily chart is at 59.8, suggesting further downside potential without a strong reversal.

Momentum and Fibonacci Analysis

The RSI is at ~28, entering oversold territory, while MACD shows a bearish crossover with negative momentum. However, divergence between price and volume after the 16:00 ET candle suggests some short-term exhaustion of the bearish move. The 38.2% Fibonacci retracement is at 58.9 and is currently acting as resistance. A breakdown below 58.4 could target the next level at 57.1–57.4, which was briefly hit late on October 4.

Volume and Turnover

The most significant volume spike occurred at 08:45 ET, with a 449.94 volume and a sharp drop from 60.1 to 58.7 in 15 minutes. This confirmed the breakdown. However, subsequent candles have shown lower volume despite continued price declines, which is a sign of weakening bearish momentum. Notional turnover aligns with volume activity, showing a surge during the 08:45–09:00 ET timeframe.

Backtest Hypothesis

Given the current bearish trend, a backtest could consider a short entry at 58.4 with a stop above 58.8 and a target of 57.1. This aligns with the Fibonacci 61.8% level and the recent support zone. A long entry at the 57.4 level with a stop below 57.1 and a target at 58.2 may also be considered for a mean-reversion trade. These levels correspond with the 20-period moving average and key retracement levels observed in the 15-minute chart. The volume and RSI indicators support entry into short-term positions based on confirmed breakouts and overbought/oversold levels.