Market Overview for MultiversX/Romanian Leu (EGLDRON)

• Price fell from 61.5 to 60.0 on heavy volume, indicating bearish momentum.
• A key support level appears at 60.0, tested twice with mixed responses.
• Volatility increased midday as price tested key Fibonacci levels.
• RSI suggests oversold conditions, but bullish confirmation is pending.
• Bollinger Bands show price near lower band, signaling high volatility.

MultiversX/Romanian Leu (EGLDRON) opened at 61.2 on 2025-09-10 at 12:00 ET and closed at 60.0 by 12:00 ET on 2025-09-11. The 24-hour session saw a high of 61.7 and a low of 59.9. Total volume was 1,934.62, and total turnover was 119,342.85. The price action shows a bearish bias with significant volatility and a test of key support levels.

Structure & Formations

Over the last 24 hours, the price formed several notable patterns. A bearish engulfing pattern appeared around 19:30 ET as price moved from 60.9 to 60.7. A key support level was identified at 60.0, where price bounced twice with mixed volume responses. A potential resistance zone was observed near 61.2 to 61.3, where price struggled to hold during the early morning hours. A doji pattern formed at 04:45 ET, signaling indecision in the market.

Key Levels

Support levels identified include:- 60.0 (tested multiple times)- 60.4 (lower Fibonacci level)- 60.9 (intermediate support)

Resistance levels include:- 61.2–61.3 (tested twice with mixed results)- 61.4–61.5 (key Fibonacci and prior swing highs)

Moving Averages & MACD

The 15-minute chart shows price currently below both the 20-EMA and 50-EMA, reinforcing a bearish bias. The daily chart indicates a similar bearish setup with price below the 50, 100, and 200-day moving averages.

The MACD line crossed below the signal line around 19:30 ET, signaling a bearish momentum shift. The histogram has been predominantly negative since the start of the downward move from 61.7. The MACD remains in negative territory, supporting the bearish momentum.

RSI, Bollinger Bands & Volatility

The RSI dipped into oversold territory below 30 for a brief period after the price hit 59.9, but there was no strong rebound, indicating weak buying interest. Price remains within the lower Bollinger Band for much of the day, reflecting high volatility and bearish momentum.

Bollinger Band width expanded significantly from 19:00 to 20:30 ET as the price dropped from 61.0 to 60.0. The volatility contraction at 03:00 to 05:00 ET suggests a period of consolidation, followed by another expansion as price moved toward 60.6 and 60.0.

Volume increased sharply during the sell-off from 61.5 to 60.6, with the largest volume spike occurring at 19:30 ET (190.41 volume). Notional turnover also spiked at this time. The volume during the rebound from 60.0 to 60.6 was lower, indicating a lack of conviction in the recovery.

Fibonacci Retracements

Applying Fibonacci to the recent swing from 61.7 to 59.9, the 38.2% retracement level is at 60.6, and the 61.8% retracement is at 60.4. Price has tested both of these levels and appears to find resistance at 60.6. The 50% retracement level at 60.8 has acted as a minor support/resistance level, with price bouncing from this level multiple times.

Backtest Hypothesis

Based on the observed Fibonacci levels and RSI behavior, a potential backtest strategy could involve entering short positions when price breaks below the 61.2–61.3 resistance zone, with a stop above the 61.5–61.7 swing high and a target at the 60.4 retracement level. A long entry may also be considered if price closes above 61.4, with a stop below 61.2 and a target at 61.6–61.7. This approach aligns with the observed bearish bias and key support/resistance structure.