Market Overview: MultiversX/Romanian Leu (EGLDRON) – 24-Hour Technical Summary

• Price consolidated between 44.14–44.80
• RSI overbought at 75; short-term pullback likely
• Volume surged near 94.50 before fading; divergence noted
• Bollinger contraction suggests potential breakout

The MultiversX/Romanian Leu (EGLDRON) opened at 44.14 on 2025-11-09 12:00 ET and traded between 44.14 and 44.80 over the next 24 hours, closing at 44.70 at 12:00 ET on 2025-11-10. Total volume amounted to 470.56 units, while notional turnover reached 20,496.58 Romanian Leu. The pair showed a mixed price action with periods of consolidation and sharp intraday swings.

Structure & Formations

EGLDRON formed multiple bullish and bearish candlestick patterns within the 15-minute timeframe. A notable bullish engulfing pattern occurred at 19:00 ET when the pair moved from 44.36 to 44.70. This was followed by a bearish rejection at 20:15 ET, where the price moved down from 44.80 to 44.57. A doji formed at 04:30 ET as the price retested the 44.38 level, signaling potential indecision among market participants. A key support level was confirmed near 44.06, and a resistance level appears to be forming around 44.80.

Moving Averages and Momentum

On the 15-minute chart, the 20-period and 50-period moving averages were closely aligned in the 44.20–44.40 range, suggesting a balanced market. The daily chart showed the 50-period MA above the 100-period MA, indicating a longer-term bullish bias. The RSI crossed into overbought territory near 75 during the early morning hours, suggesting a potential short-term reversal. The MACD showed positive momentum, with the histogram expanding during the 20:00–05:00 window.

MACD and RSI indicated that momentum was building but could stall at resistance levels. The price may test the 44.80–44.85 range for a breakout, but a pullback to 44.14–44.36 is likely if bearish pressure increases.

Bollinger Bands and Volatility

Bollinger Bands showed a period of volatility contraction in the 00:00–01:30 ET window, with the price trading within a narrow range around the 44.38–44.50 band. This was followed by an expansion as the price moved closer to the upper band. The volatility expansion suggests that a breakout is being considered by market participants. If the price breaks above the upper band, it may continue higher, but a rejection near 44.80 could trigger a pullback.

Fibonacci retracements from the 44.14–44.80 swing showed the 61.8% level at 44.61, which was briefly tested before the price moved higher. A breakdown below the 38.2% level at 44.54 could see the pair retest the 44.38–44.46 range.

Volume and Turnover Analysis

Volume spiked during the 23:15–23:30 ET window as the price moved from 44.06 to 44.38, with a volume of 90.87 units. However, after reaching a high of 44.69 at 01:00 ET, volume dropped significantly, indicating a potential divergence between price and volume. This could signal that the upward move is losing steam, and a consolidation or pullback may follow. Turnover was also elevated during the morning hours but faded in the latter part of the day, further supporting the idea of reduced conviction in the bullish move.

Backtest Hypothesis

Given the recent RSI overbought conditions and the divergence in volume, a backtest using a strategy that enters when RSI exceeds 70 and exits when it falls below 50 could be relevant. Using close prices, this approach could help assess the profitability of short-term countertrend trades. A backtest across 2022-01-01 to 2025-11-10 on EGLDRON would need to confirm if this strategy holds, especially with the current market setup showing signs of exhaustion. The RSI overbought levels and volume divergence suggest this could be a viable approach.