Market Overview for MultiversX/Tether (EGLDUSDT) on 2025-09-17

• Price surged 1.76% overnight, forming bullish momentum with a high of $14.15 and closing near it at $14.02.
• A key 61.8% Fibonacci level at $13.93 appears to have held as support during a mid-session dip.
• Volume spiked at $14.06–$14.03 zone, confirming strong buying interest ahead of the close.
• RSI hovered around overbought territory, hinting at potential short-term profit-taking.
• Bollinger Bands expanded as price pushed near the upper band, suggesting rising volatility.

MultiversX/Tether (EGLDUSDT) opened at $13.92 on 2025-09-16 at 12:00 ET and closed at $14.02 on 2025-09-17 at the same time. The pair reached a high of $14.15 and a low of $13.73. Total volume for the 24-hour period was 41,822.62, with a notional turnover of approximately $590,049. The price action suggests a shift toward bullish momentum amid increasing volatility.

Structure & Formations

EGLDUSDT displayed a clear bullish bias overnight, with a strong breakout above a key resistance zone between $14.04–$14.06. A notable bullish engulfing pattern emerged at 22:45 ET on 2025-09-16, where the candle opened at $14.05 and closed at $14.08 after an opening at $14.05. The price then consolidated within a tight range before a final push to a 24-hour high of $14.15 at 03:00 ET. A bearish pinbar at 03:45 ET marked a temporary reversal attempt but failed to hold. A 61.8% Fibonacci retracement level at $13.93 provided support during a mid-session dip, indicating a potential floor for further consolidation.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both in bullish alignment, with the 20-period line above the 50-period and the price sitting above both. On the daily chart, the 50-period moving average is approaching the 100-period line, suggesting a possible short-term consolidation phase ahead. The 200-period MA remains a critical long-term support area at approximately $13.85.

MACD & RSI

The MACD histogram showed a positive divergence late in the session, confirming a bullish shift in momentum. The RSI climbed to near 70, suggesting overbought conditions and potential for profit-taking or short-term pullback. However, the strength of volume during the upward move suggests that buyers may remain in control, at least in the near term.

Bollinger Bands

Bollinger Bands expanded significantly during the final hours of the session, with the price pushing near the upper band. This indicates rising volatility and a continuation of the bullish trend. A contraction in the bands was observed earlier in the session, which may have acted as a setup for the breakout. The price is currently trading within the upper half of the bands, favoring continued bullish bias.

Volume & Turnover

Volume was highly concentrated in the $14.02–$14.06 price range, with a peak of 4,191.55 at 21:00 ET, marking the highest single candle volume of the session. Notional turnover spiked in line with volume, with a strong correlation between the two metrics, indicating genuine accumulation rather than wash trading. A divergence was noted in the 04:00–06:00 ET timeframe, where volume decreased despite a decline in price, hinting at potential exhaustion in the bearish camp.

Fibonacci Retracements

The 61.8% Fibonacci level at $13.93 acted as a strong support point during the session dip. On the 15-minute chart, a swing high at $14.15 and a swing low at $13.73 provided a reference for key retracement levels. The 38.2% retracement at $14.00 also showed resistance during a consolidation phase. Traders should watch the 50% level at $13.94 as a potential pivot point for near-term direction.

Backtest Hypothesis

The backtest strategy involves a breakout approach where a long entry is triggered when the price closes above the upper Bollinger Band on the 15-minute chart, with a stop-loss placed at the lower Bollinger Band and a take-profit target at the 61.8% Fibonacci level. The recent 24-hour action aligns with this strategy, as the price closed near the upper band and a 61.8% retracement level at $13.93 held firm. Volume and RSI confirm the strength of the breakout, making this a viable entry setup for the upcoming session, provided the consolidation phase remains intact.