Market Overview for MultiversX/Tether (EGLDUSDT) - 2025-09-26

• Price declined to a 24-hour low of $12.05 before rebounding with a late ET rally.
• High volume consolidation around $12.30–$12.35 suggests potential near-term equilibrium.
• RSI and MACD indicate weakening bearish momentum with possible overbought reversal.
• Bollinger Band contraction and expansion highlight shifting volatility patterns.
• Divergence between price and volume points to uneven conviction in key moves.

At 12:00 ET–1, MultiversX/Tether (EGLDUSDT) opened at $12.11 and traded between $11.94 and $12.72 over the 24-hour period, closing at $12.50 by 12:00 ET. Total volume reached 206,440.35 and turnover hit $2,626,578.48. The pair has shown a moderate upward bias in the last 15 minutes, with a reversal in bearish momentum emerging.

Structure & Formations

The 24-hour chart for EGLDUSDT has seen a distinct bearish breakdown followed by a consolidation phase and a tentative bullish reversal in the final 6 hours. A bearish engulfing pattern formed around $12.15–$12.22, indicating a shift in sentiment. A doji formed near $12.22–$12.23, signaling indecision, followed by a bullish reversal candle in the final hour with a high of $12.53 and close of $12.50. Key support levels appear at $12.20 and $12.05, while resistance levels are now at $12.50–$12.53 and $12.60. The price appears to be testing the upper boundary of the consolidation range, suggesting a potential breakout scenario.

Moving Averages

On the 15-minute chart, the price has crossed above the 20-period and 50-period moving averages, reinforcing the bullish momentum in the past hour. For the daily chart, the 50-period MA is at $12.33, while the 100-period MA stands at $12.30 and the 200-period MA at $12.35. These indicators suggest a slight bullish bias in the short to medium term, with price currently aligned close to the key 50/100 MA cluster.

MACD & RSI

The MACD has shown a recent crossover into positive territory, with the histogram expanding, suggesting a strengthening of bullish momentum. RSI has recovered from the 30 oversold level and is now approaching 50, indicating the potential for a short-term overbought scenario. While RSI is not yet in overbought territory, the rapid ascent suggests traders may be preparing for a reversal or a pullback in the next 24 hours.

Bollinger Bands

Volatility expanded significantly during the early hours of the morning, with the Bollinger Bands widening to accommodate the $12.72 high. Price has since retracted and now resides near the middle band, indicating a potential equilibrium phase. A further move above the upper band could confirm a breakout, while a retest of the lower band may trigger renewed bearish sentiment.

Volume & Turnover

Volume spiked during the early ET hours, particularly in the 6–7 AM ET window when the price dropped to $12.05. However, the most recent rally has been supported by a moderate but consistent volume increase, especially during the final hour, where volume surged with a large bullish candle. Turnover has followed a similar pattern, confirming the recent rally but also revealing divergence during the earlier breakdown phase, suggesting uneven conviction in those moves.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 15-minute swing from $12.05 to $12.53 shows key levels at 38.2% at $12.28 and 61.8% at $12.39. The price is currently hovering near $12.50, suggesting the potential for a retest of the 61.8% level. On the daily chart, the 50% retracement level is at $12.35, while the 61.8% level is at $12.44. A break above $12.53 may target $12.64 as the next Fibonacci extension.

Backtest Hypothesis

Given the technical setup, a backtesting strategy could involve entering long positions on a close above $12.44 with a stop just below $12.30, targeting $12.60 as a primary exit. The strategy would capitalize on the recent bullish momentum, confirmed by the 15-minute MA crossovers, and the RSI recovery. A close below $12.30 would invalidate the setup and suggest a return to consolidation or bearish bias. This approach aligns well with the observed price behavior and Fibonacci levels identified, offering a probabilistic framework for a short-term trade setup.