Market Overview for MultiversX/Tether (EGLDUSDT) – 2025-10-04

• Price dropped from $14.53 to $13.31 amid high volatility, with a 24-hr volume of 219,232.
• A bearish breakout below key support at $14.20 accelerated selloffs overnight.
• RSI and MACD signaled overbought and bearish momentum before the sharp decline.
• Bollinger Bands showed widening volatility with price testing the lower band.
• Volume spiked during the $14.37–$14.26 range, suggesting heavy selling pressure.

The 24-hour chart for MultiversX/Tether (EGLDUSDT) opened at $14.20 on 2025-10-03 12:00 ET and reached a high of $14.53 before dropping to a low of $13.31 and closing at $13.55 on 2025-10-04 12:00 ET. Total traded volume was 219,232 coins with a notional turnover of approximately $3,089,483. The price action reflects a strong bearish bias driven by increased volatility and heavy selling pressure, particularly after a key support level was broken.

Structure & Formations

Price broke below $14.20, a prior support zone, in a sharp bearish fashion, confirming a reversal from consolidation. A long-legged doji at $14.37–$14.39 indicated indecision and set the stage for the subsequent drop. A large bearish engulfing pattern emerged at $14.37–$14.30, signaling a strong shift in sentiment. Key support levels to watch now include $13.50 and $13.30, with resistance at $14.00 and $14.20.

Moving Averages

On the 15-minute chart, price closed below the 20-period (14.35) and 50-period (14.36) moving averages, confirming a bearish bias. On the daily chart, the 50-period and 100-period MAs are both below the 200-period MA, indicating a medium-term downtrend. A further move below $13.50 may trigger a test of the 200-period daily MA at ~$13.28, which could offer a potential floor.

MACD & RSI

The MACD turned negative with a bearish crossover in the morning, while the histogram remained bearish, indicating strong downward momentum. RSI dropped from overbought territory to a reading near 32, suggesting oversold conditions. While RSI suggests a potential bounce, divergence in price and RSI momentum remains a concern. A rebound is possible, but only on confirmation above $14.00.

Bollinger Bands

Volatility expanded sharply during the sell-off, with the Bollinger Bands widening. Price closed near the lower band at $13.51, suggesting a possible bounce or a continuation of the bearish trend. A reversal could be confirmed with a sustained close above the upper band, currently at ~$14.32, but this appears unlikely without strong bullish volume.

Volume & Turnover

Volume spiked significantly during the price drop from $14.37 to $14.26 and remained elevated during the decline to $13.31, confirming the bearish move. Notional turnover surged to over $3.0M in the 24-hour window, with the most activity between $14.37 and $14.00. Divergence between volume and price was minimal, suggesting a continuation of the bearish trend unless a major bullish reversal develops.

Fibonacci Retracements

Applying Fibonacci levels to the recent 15-minute swing from $14.37 to $13.31, the 38.2% and 61.8% retracement levels are at $13.89 and $14.10, respectively. On the daily chart, the 50% retracement level of the prior bullish move remains at $14.00. A successful rebound from the 61.8% level may offer a short-term floor, but further weakness below $13.50 could extend the downtrend toward $13.20.

Backtest Hypothesis

Given the observed bearish momentum and breakdown of key support levels, a potential backtesting strategy could involve shorting on a close below $14.20, with a stop loss at $14.35 and a target at $13.30. This aligns with the bearish engulfing patterns and diverging RSI behavior. A long entry could be considered on a bounce above $14.00, but confirmation is necessary to avoid false signals. This strategy would benefit from trailing stops and volume confirmation to manage risk and optimize trade entries.