Market Overview: MultiversX/Romanian Leu (EGLDRON) — October 29, 2025

• Price fell sharply from 43.13 to 41.11 before consolidating near 41.23 overnight.
• Volume spiked during the sell-off but faded as price stabilized.
• RSI and MACD suggest bearish momentum, but price appears near key support.
• Bollinger Bands show reduced volatility as price consolidates inside the lower band.
• Fibonacci retracements indicate 41.06–41.23 as potential support for near-term bounce.

Opening Narrative

MultiversX/Romanian Leu (EGLDRON) opened at 42.82 on October 28 at 16:00 ET and fell to a 24-hour low of 41.11 before recovering to close at 42.01 at 12:00 ET on October 29. The pair recorded a total trading volume of 990.47 units and a notional turnover of 41,800.12 units over the 24-hour window. The session was marked by a sharp bearish move from 43.13 to 41.11, followed by a consolidation phase.

Structure & Formations

The price action displayed several key features. A large bearish candle on October 28 at 20:00 ET (42.09 to 41.81) marked a sharp reversal from earlier bullish momentum. A later bearish engulfing pattern formed at 22:45 ET, confirming downward bias. Key support levels were identified at 41.06, 41.23, and 41.61, while resistance remains at 42.09, 42.13, and 42.27. A doji formed at 23:45 ET, signaling indecision as price hovered near 41.23.

Moving Averages and Momentum

On the 15-minute chart, the 20-period and 50-period moving averages (MA20 and MA50) were below the current price of 42.01, indicating bearish bias in the short-term. The 50-period daily MA crossed below the 100-period and 200-period MAs, reinforcing the bearish trend. RSI dropped to 31.45 during the low at 41.11, indicating oversold territory, but failed to trigger a strong reversal. MACD turned bearish with a negative crossover, reflecting weakening bullish momentum.

Volatility and Fibonacci

Bollinger Bands reflected a period of contraction as the price moved within the lower band, suggesting low volatility and consolidation. The 15-minute swing from 43.13 to 41.11 saw a 61.8% Fibonacci retracement at 41.78, where price bounced. The daily move from 43.13 to 41.11 also saw key Fibonacci levels at 41.87 (38.2%) and 41.57 (61.8%) acting as support and resistance. These levels could guide near-term price direction.

Volume and Turnover Analysis

Volume surged during the initial bearish leg, particularly on October 28 at 20:00 ET, with a 47.85-unit trade driving the drop to 41.81. However, volume significantly declined during the consolidation phase, indicating reduced participation. Turnover followed a similar pattern, peaking at 2,000.00 units during the initial decline and dropping as price stabilized. A divergence appeared between the bearish price action and the shrinking volume, suggesting exhaustion in the downward move.

Backtest Hypothesis

Based on the observed structure, a potential backtest strategy could involve a short-term mean-reversion approach. Entering long positions on a bullish breakout from the 41.23 support, confirmed by a closing above 41.26, with a stop-loss placed below 41.06, could be tested. Alternatively, a short position could be entered on a break below 41.06, with a target at the next Fibonacci level, 40.92, and a stop above 41.23. These levels and patterns offer a data-driven basis for testing strategies that align with the observed volatility and price behavior.