Market Overview: MultiversX/Romanian Leu (EGLDRON) 24-Hour Analysis

• Price surged 1.43% from $59.7 to $61.0 on a bullish breakout pattern.
• Volatility spiked after 16:00 ET with a bullish engulfing pattern and high volume.
• RSI entered overbought territory, suggesting potential pullback.
• Bollinger Bands constricted overnight, then expanded with sharp price action.
• Low volume observed in consolidation phases, with higher turnover during upward thrust.

The MultiversX/Romanian Leu (EGLDRON) pair opened at $59.7 at 12:00 ET – 1 and closed at $61.0 at 12:00 ET, with a high of $61.2 and low of $59.7. Total volume for the 24-hour period was 583.79, and turnover reached $36,218.85. The pair exhibited a sharp upward move from 16:00 to 22:30 ET, forming a bullish engulfing pattern on key 15-minute candles.

Structure & Formations

Price action formed a bullish engulfing pattern around 16:00–19:15 ET, followed by consolidation near $61.2. A doji appeared at 22:30 ET as the price briefly retreated from the high, signaling indecision. Support emerged at $60.5–60.4 following a pullback overnight, while key resistance was tested and retested at $61.2. A bearish trendline emerged from 02:15 ET with a high at $60.8, suggesting a potential continuation of consolidation unless price breaks above $61.2 decisively.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed upward after 16:00 ET, indicating bullish momentum. The 50-period MA is currently at $60.9, suggesting a potential retest of this level for further direction. On the daily chart, the 50/100/200-period MAs remain flat to slightly upward, with no clear divergence detected.

MACD & RSI

The MACD histogram expanded positively during the bullish move from $59.7 to $61.2, confirming momentum. RSI reached overbought territory near 75 at 21:00 ET and remained elevated, suggesting a potential pullback to 65 or lower. This may test the 61.0–60.8 range as the next area of interest. A RSI divergence would be needed to confirm a bearish reversal.

Bollinger Bands

Volatility contracted overnight from 02:00 to 08:00 ET, with price staying within a narrow band. After 08:00 ET, the bands expanded as price broke out to the upside, reaching the upper band near $61.2. The current price of $61.0 is close to the upper band again, indicating a potential retest or pullback toward the middle band at $60.7.

Volume & Turnover

Volume surged to 67.42 during the initial breakout at 16:15 ET and again to 44.91 at 22:30 ET as price retested key resistance. Overnight, volume dropped to near zero during consolidation, but a sharp increase occurred at 09:30 ET with a 61.0 close. Notional turnover mirrored volume patterns, with a high of $4,128 at 09:30 ET.

Fibonacci Retracements

On the 15-minute swing from $59.7 to $61.2, 61.8% retrace levels are now at $60.5, coinciding with support observed in overnight action. Daily retracements from a recent high at $61.2 to a low at $59.7 show a 38.2% level at $60.5 and a 61.8% at $60.2, aligning with key consolidation points from 02:15 to 05:45 ET.

Backtest Hypothesis

The backtesting strategy focuses on combining bullish engulfing patterns with RSI divergence and volume confirmation. A hypothetical long entry could be triggered upon a bullish engulfing pattern with volume exceeding the 20-period average and RSI below 50, followed by a stop below the candle’s low and a target at the 61.8% Fibonacci level. This approach may have shown viability during the 16:00–19:15 ET move, with a strong follow-through and clear support structure.