Market Overview: MultiversX/Romanian Leu (EGLDRON) – 2025-11-08

Summary

• Price action shows a volatile 24-hour session with a late-day rally into the close.
• Key resistance appears at 46.99, with support forming near 43.25–43.37.
• Volume remains consistent, with no major divergence between price and turnover.
• Momentum remains balanced, as RSI and MACD show no extreme overbought or oversold signals.
• Volatility increased in the early morning hours, with Bollinger Bands widening significantly.

Market Overview: MultiversX/Romanian Leu (EGLDRON)

MultiversX/Romanian Leu (EGLDRON) opened at 43.21 on 2025-11-07 at 12:00 ET and traded as high as 46.99 before closing at 43.62 at 12:00 ET on 2025-11-08. The 24-hour session saw total trading volume of 1,609.71 and notional turnover of approximately 69,352.26. The price trend exhibited significant volatility, with a late-night bullish breakout followed by consolidation.

Structure & Formations

The price action displayed a series of small bullish and bearish candles, with a notable bearish rejection at the 46.99 level (a large candle with high volume). A key support zone is forming at 43.25–43.37, where price found a floor multiple times during the session. A “Bullish Engulfing” pattern emerged in the early morning hours, suggesting a short-term reversal, though it was quickly met with renewed selling pressure.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages remain in a close proximity, indicating a sideways-to-bullish bias. On the daily chart, the 50-period MA is slightly above the 200-period MA, showing a mildly bullish trend, but the price remains below both, suggesting that a sustained breakout may be needed for a longer-term bullish shift.

MACD & RSI

The MACD line crossed above the signal line during the late evening, indicating a bullish momentum shift, but the move did not hold. The RSI oscillated between 40 and 65 over the 24-hour period, showing balanced momentum without strong overbought or oversold signals. This suggests the market remains in a consolidation phase with no clear direction yet established.

Bollinger Bands

Bollinger Bands widened significantly during the overnight trading session, indicating a period of heightened volatility. The price closed just below the upper band at 46.99, highlighting the 46.99 level as a potential resistance. The closing candle at 43.62 is comfortably within the bands, suggesting that the market has not yet broken out of its defined range.

Volume & Turnover

Volume remained relatively consistent throughout the day, peaking just before the 46.99 high with a volume spike of 20.19. Turnover also saw a corresponding increase during this period. However, volume began to wane after the price bounced off 46.99, indicating a lack of follow-through from buyers. This divergence could signal an impending pullback in the near term.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent 15-minute swing from 43.25 to 46.99, key retracement levels at 45.54 (61.8%) and 44.99 (38.2%) appear to have acted as short-term resistance and support. The 43.62 close is very close to the 61.8% level (43.56), suggesting a potential consolidation period is likely.

Backtest Hypothesis

The bullish engulfing pattern identified on the early morning candle aligns with a backtested strategy that yielded strong historical performance. From 2022 to present, the strategy of buying on a bullish engulfing pattern and holding for 3 days returned 92.86% in total gains with 89.47% of trades being profitable. The average gain per trade was 6.77%, and the pattern consistently avoided losses in the following days. This suggests that the current setup could offer a favorable risk-reward profile for short-term traders, especially if the 43.37 support holds.