Market Overview: MultiversX/Tether (EGLDUSDT) - 2025-09-23

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• Price action shows a strong 3.87% rally from $12.81 to $13.24 over 24 hours, driven by late-ET momentum.• RSI surged to overbought levels in the afternoon, while MACD registered a bullish crossover and maintained positive momentum.• Volatility expanded as Bollinger Bands widened, with price trending near the upper band in the final hours.• Volume surged during key upward moves, particularly after 08:30 ET, confirming bullish bias.• A bullish engulfing pattern emerged around 07:30 ET, followed by a strong breakout above prior resistance at $13.15.

The 24-hour chart for EGLDUSDT opened at $12.81 (12:00 ET – 1), reached a high of $13.24 and a low of $12.78, closing at $13.10 (12:00 ET). Total traded volume amounted to 82,416.34 EGLD with turnover of $1,082,640.56, showing robust participation during key price levels.

Price action over the past 24 hours displayed a clear ascending bias, particularly from 07:30 ET onward. A notable bullish engulfing pattern formed around 07:30 ET, where price opened at $13.02 and closed at $13.16 after a $0.14 increase. This confirmed a short-term reversal from a consolidation phase. On the 15-minute chart, resistance at $13.06 was decisively broken through a large bullish candle with 1,203.22 EGLD traded volume. The following candles confirmed this breakout with strong follow-through, particularly in the 08:00–09:30 ET window.

Support levels appeared to hold at $12.81 and $12.90 throughout the day. Price tested $12.81 twice, but both times it bounced with increased volume and strong closes near the highs of those sessions. Resistance levels were clearly visible at $13.15 and $13.17, where price met hesitation or consolidation before resuming higher. These levels may continue to act as key points of reference in the near term.

Bollinger Bands expanded significantly in the last 6 hours, reflecting increased volatility. Price hovered near the upper band, suggesting a continuation of the bullish trend. RSI reached 72 at 09:15 ET, signaling overbought conditions, yet the move did not show signs of exhaustion. MACD crossed above the zero line at 08:00 ET, with a positive histogram that has persisted, suggesting sustained bullish momentum. The 50-period moving average crossed above the 20-period moving average on the 15-minute chart around 07:30 ET, reinforcing a bullish crossover signal.

Fibonacci retracements applied to the key swing low of $12.78 and swing high of $13.24 revealed that price found initial support at the 38.2% level ($12.99) and then at the 61.8% level ($13.10). The current price of $13.10 aligns closely with the 61.8% retracement level, which may provide a temporary pause or consolidation before further upward movement.

Backtest Hypothesis

Given the strong bullish momentum confirmed by the moving average crossover, RSI strength, and Fibonacci alignment at $13.10, a potential backtest strategy could involve entering long positions on a confirmed close above $13.12 (slightly above the 61.8% retracement level) with a stop loss placed at $12.95 (below the 38.2% support). The target would be the next Fibonacci level at $13.24, with a trailing stop to capture continued momentum. This setup aims to capture continuation of the upward trend while managing downside risk with defined support levels.