Market Overview for MultiversX/Romanian Leu (EGLDRON)

• Price advanced 4.14% on 24-hour OHLC from 60.4 to 63.3
• Key breakout above 61.6 confirmed bullish momentum
• RSI and MACD suggest strong upward bias, no overbought condition
• Volatility and turnover surged during 21:15–22:15 ET
• Bollinger Bands expanded post 00:15 ET, indicating increased activity

MultiversX/Romanian Leu (EGLDRON) opened at 60.4 on 2025-09-12 12:00 ET, surged to a high of 63.4, and closed at 63.3 by 12:00 ET on 2025-09-13. Total volume for the 24-hour period was 476.98 units, and notional turnover was 30,289.50 (assuming “amount” is in base currency).

Structure & Formations

The 24-hour candlestick pattern revealed a strong bullish bias. After consolidating between 60.4 and 60.9 for over 4 hours, the price broke out decisively above 61.6. The 62.5–63.4 segment showed aggressive buying, with a strong bullish engulfing pattern forming at the top of the 62.5–62.9 range. A long upper wick formed at the close of the 09:30–09:45 ET candle, suggesting initial resistance at 62.9, but the price pushed higher again shortly after. A 61.8–62.1 consolidation phase followed, indicating a key support level.

Indicators and Momentum

The 20-period and 50-period moving averages on the 15-minute chart were bullish, with the 20-period line crossing above the 50-period line, indicating a potential short-term bullish trend. The daily chart showed the price above both the 50-period and 200-period moving averages, suggesting a continuation of the long-term bullish setup.

The RSI showed a moderate upward shift, peaking at 65, and remained in neutral to slightly overbought territory without showing signs of exhaustion. MACD remained positive and trending upward, confirming strong momentum.

Bollinger Bands expanded significantly around 00:15–02:00 ET, indicating a sharp increase in volatility, with price trading near the upper band during this phase.

Volume & Turnover

Volume spiked significantly between 21:15–22:15 ET (candles 22–25) and again between 00:15–02:00 ET (candles 34–42), confirming the price action during these key breakout and consolidation phases. Turnover was consistent with volume spikes, showing strong conviction in the upward moves.

Fibonacci retracement levels drawn from the 60.4–63.4 swing suggested key levels at 61.7 (38.2%), 62.4 (50%), and 62.9 (61.8%). The price held above the 61.7 and 62.4 levels but found temporary resistance at 62.9 before closing near 63.3.

Backtest Hypothesis

The backtesting strategy outlined earlier involves a breakout and retracement-based approach that aligns with the observed price behavior. Given the strong bullish momentum and volume confirmation, a breakout above the 61.6–62.0 range could serve as the initial entry trigger. Fibonacci retracements at 62.4 and 62.9 then offer structured take-profit levels.

A stop-loss just below 61.6 would protect against a breakdown scenario. The RSI and MACD remain positive, and the 50-period moving average provides additional directional confirmation. This approach is best suited for short-term traders aiming to capitalize on volatility and momentum.

Forward Outlook and Risk Consideration

Looking ahead, EGLDRON appears to be in a strong bullish phase, with momentum and volume aligned. A test of the 63.4–63.5 resistance could provide a confirmation of the trend’s strength. However, traders should remain cautious of overbought conditions forming in the near term. A pullback to 62.4 or 62.2 may offer a more favorable entry point, particularly if volume remains consistent. A breakdown below 61.6 could trigger a retesting of 60.9 and 60.4, so close attention should be paid to that key support cluster.