Market Overview for MultiversX/Tether (EGLDUSDT) – 2025-10-12

• Price action shows a 24-hour low of $9.45 before strong late buy pressure drove a 13.7% rebound to $10.26.
• Volume spiked 3× above the 15-min average near $9.45 and $10.26, confirming key levels.
• RSI reached overbought (72–78) during the final 3 hours, suggesting near-term consolidation possible.
• Bollinger Bands expanded sharply after 06:00 ET, reflecting heightened volatility.
• A bullish engulfing pattern emerged at 03:15–03:45 ET as price broke above a 5-hour consolidation range.

MultiversX/Tether (EGLDUSDT) opened at $9.94 on 2025-10-11 at 12:00 ET, reached a 24-hour low of $9.45, and closed at $10.02 at 12:00 ET. Total volume for the period was 186,091.69 with a notional turnover of $1.86M.

Structure & Formations

The 15-minute chart shows a strong support cluster between $9.45 and $9.50, with three consecutive bullish candlestick bodies confirming the level. A notable bearish divergence emerged between $9.86 and $9.82 as volume declined despite a falling price. A bullish engulfing pattern at $9.66–$9.74 and a morning star at $9.91–$9.94 suggest strong institutional buy pressure. A deep doji at $9.95 during the 09:15–09:30 ET period may indicate short-term indecision.

Moving Averages

On the 15-minute chart, the 20SMA is currently at $9.93 and the 50SMA at $9.96, with price above both, suggesting short-term bullish momentum. The 50DMA stands at $9.78, and the 200DMA at $9.63, indicating that the recent rally has re-entered the long-term bullish trend after a 2-hour bearish excursion.

MACD & RSI

The MACD (12,26,9) crossed above the signal line at 04:00 ET and remained bullish until 15:45 ET, when it began to weaken. RSI reached 72–78 during the final 3 hours, indicating overbought conditions and hinting at a potential pullback. A bearish divergence between RSI and price from $10.11 to $10.02 may foreshadow a reversal.

Bollinger Bands

Volatility expanded dramatically after 06:00 ET, with the upper band reaching $10.14 and the lower band falling to $9.88. Price traded within the bands for most of the session, but a breakout above the upper band at 08:30 ET led to a sharp move toward $10.13 before retracing.

Volume & Turnover

Volume spiked significantly at $9.45, $9.66, and $10.06, aligning with key price reversals. Notional turnover at $9.66–$9.67 reached $34,450 with 6,890 contracts, suggesting strong buy-side participation. A divergence between falling price and declining volume during the $9.86–$9.82 phase suggests weakening bear pressure.

Fibonacci Retracements

A 61.8% Fibonacci retracement at $9.85 proved to be a strong support level, halting a 1.5-hour bearish leg. On the 15-minute chart, a 38.2% retracement at $9.93 acted as resistance before a breakout. Daily Fibonacci levels suggest a potential target at $10.34 (78.6% retracement of the prior downtrend).

Backtest Hypothesis

The described backtesting strategy involves entering a long position when price breaks above a 50SMA on the 15-minute chart, confirmed by a bullish engulfing or morning star pattern and a RSI above 55. A stop-loss is placed at the most recent 15-minute swing low, with a target at the 61.8% Fibonacci level. During the 24-hour period, this setup was triggered at $9.74–$9.86 (03:15–03:45 ET), with a potential stop-loss at $9.64 and target at $10.07. If executed, this would have captured a 5.5% gain within a 2-hour window.