Market Overview for MultiversX/Tether (EGLDUSDT) on 2025-10-06

• Price tested key support at $13.60, rebounded to $14.10 with bullish momentum.
• High volume spikes coincided with price rebounds, confirming strength on the lows.
• RSI and MACD showed divergence in early session but converged with trend post $13.70.
• Volatility expanded after 03:30 ET, pushing price above prior resistance at $14.00.
• Bollinger Bands contracted before 02:00 ET, followed by a breakout to the upside.

24-Hour Price Summary and Volume

MultiversX/Tether (EGLDUSDT) opened at $13.87 on 2025-10-05 at 12:00 ET, reached a high of $14.15, and a low of $13.51 before closing at $13.89 on 2025-10-06 at 12:00 ET. The pair traded a total volume of 64,809.00 EGLD and a notional turnover of $899,421.66 over 24 hours.

Structure & Formations

Price action exhibited key support at $13.60–$13.65, where multiple candlestick bodies formed a bullish rebound pattern. A large bullish engulfing candle formed at 03:30 ET, marking a turning point. A doji at $14.00–$14.05 suggested indecision before a breakout. Resistance levels were tested at $14.00 and $14.10, with the latter holding as a breakout point.

Moving Averages and Momentum

On the 15-minute chart, the 20-period and 50-period moving averages crossed in favor of the bulls in the last 8 hours. On the daily chart, price held above both the 50 and 200-period moving averages, suggesting continuation of the longer-term bullish bias. Momentum indicators aligned with the price action after 04:00 ET, confirming the breakout.

MACD and RSI Analysis

The MACD turned positive after 03:30 ET and stayed above the signal line, indicating bullish momentum. RSI crossed back above 50 and approached overbought territory near 65, suggesting a strong uptrend. However, a short divergence was noted between 00:00 and 02:00 ET when RSI peaked while price continued lower.

Bollinger Bands and Volatility

Bollinger Bands showed a period of contraction between 02:00 and 03:30 ET, followed by a sharp expansion as price surged past the upper band. Price traded within a 2–3% range in the first half of the session, indicating a consolidation phase that culminated in a breakout. Current price remains within the bands, but with increased volatility likely in the near term.

Volume and Turnover

Volume surged to over 13,000 EGLD at 03:30 ET, coinciding with a bullish breakout. Turnover reached a 24-hour peak of $67,000 at the same time. Lower volume was observed during bearish price moves, but it increased again after 08:00 ET, confirming renewed buying interest. No significant divergence was observed between price and volume during the session.

Fibonacci Retracements

On the 15-minute chart, price found support at the 50% Fibonacci level of the $13.65–$14.15 swing. The 61.8% level at $14.08 served as a minor resistance. Daily Fibonacci levels highlighted $13.76 as a key support and $14.05 as a strong resistance. Price closed near the 38.2% retracement level, suggesting potential for a continuation of the bullish move.

Backtest Hypothesis

A potential backtest strategy could focus on breakout confirmation using the 20-period moving average and Bollinger Band squeeze. A long entry could be triggered when price crosses above the upper band after a period of consolidation, with a stop loss placed below the 50-period moving average. This approach aligns with the observed pattern from the 03:30 ET breakout and appears to have strong confirmation from RSI and volume.