Market Overview for MultiversX/Tether (EGLDUSDT) – 2025-09-19

• Price action shows a late-night rally to $14.73 followed by a pullback below $14.50.
• Volatility expanded significantly in the early hours, with a 24-hour volume exceeding 58,000 EGLD.
• RSI hit overbought levels during the peak and has since corrected, signaling potential consolidation.
• A bearish engulfing pattern formed at $14.53, suggesting possible near-term bearish momentum.
• Bollinger Bands widened overnight, indicating increased uncertainty and potential for a breakout.

MultiversX/Tether (EGLDUSDT) opened at $14.47 on 2025-09-18 at 12:00 ET, reached a high of $14.73, dipped to a low of $14.17, and closed at $14.16 on 2025-09-19 at 12:00 ET. Total 24-hour volume was 191,741.69 EGLD, with a notional turnover of approximately $2.7 million.

The price action reflected a sharp, late-night surge above the psychological $14.70 level, driven by increased volume and momentum, followed by a broad-based pullback amid bearish reversal patterns and diverging volume dynamics. Key resistance levels emerged at $14.70 and $14.60, both of which have been tested multiple times. Strong support is forming in the $14.30–$14.40 range, where the asset has spent the majority of the final hours of the 24-hour period.

Structure & Formations

The session featured a distinct bearish engulfing pattern at $14.53, where a large red candle consumed a prior green candle. This pattern may signal exhaustion in the bullish momentum. Additionally, a doji appeared near $14.30 in the morning hours, indicating indecision among traders. The asset has found a temporary floor at $14.17–$14.20, where buying pressure has emerged.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed in a bearish crossover around 01:30 ET, reinforcing the short-term bearish bias. On the daily chart, the 50-period MA appears to act as a resistance near $14.60, while the 200-period MA remains well above current levels, suggesting long-term bullish potential is intact if the price can recover above that threshold.

MACD & RSI

The MACD turned bearish during the early morning hours, with the line crossing below the signal line after a bullish run. The histogram showed a shrinking positive momentum, indicating a slowdown in the upward move. The RSI peaked at 78 (overbought) near $14.70 and has since corrected to neutral territory (45–55), suggesting the market is retesting key support before a potential rebound.

The RSI correction and bearish engulfing pattern suggest a temporary bearish bias, but the asset may find support in the $14.30–$14.40 range. Over the next 24 hours, a break below $14.15 may open the door to further downside, while a move above $14.60 could signal a resumption of the bullish trend. Investors should monitor volume dynamics and key resistance levels for early confirmation.

Bollinger Bands

Bollinger Bands expanded significantly during the early morning surge, reaching a width of approximately $0.20. The price spent the last hours of the 24-hour period oscillating near the lower band, indicating a period of consolidation. A breakout above the upper band may require a strong catalyst, while a sustained close below the lower band could confirm a new bearish trend.

Volume & Turnover

Volume surged sharply in the late hours of the 24-hour window, peaking at 19,174 EGLD during a candle that closed at $14.62. This volume supported the bullish move but was followed by a sharp pullback on increasing bearish volume, suggesting possible profit-taking. Notional turnover increased during the rally, but the recent decline was accompanied by lower turnover, indicating potential exhaustion in the bearish move.

Fibonacci Retracements

Fibonacci levels on the 15-minute chart showed key retracement levels at $14.53 (38.2%) and $14.49 (61.8%), both of which have acted as support and resistance. On the daily chart, a retracement from the high of $14.73 to the low of $14.17 suggests a potential target of $14.30–$14.40 for the next support level. A break above $14.70 could extend the move to $14.85–$14.90.

Backtest Hypothesis

A potential backtest strategy could involve entering a long position on a bullish breakout above $14.70 with a stop-loss below $14.60 and a target at $14.85–$14.90. Conversely, a short trade could be initiated on a bearish break below $14.15 with a stop-loss above $14.20 and a target at $14.00–$13.85. The strategy would aim to capitalize on key Fibonacci and moving average levels, with volume and RSI divergences used to confirm entries and exits.