Market Overview for MultiversX/Tether (EGLDUSDT) on 2025-10-14

• MultiversX/Tether (EGLDUSDT) traded in a narrow range early but surged above $11.10, reaching a 24-hour high near $11.42 before consolidating.
• A key breakout above the $11.20 resistance appears to have failed, as the asset corrected back toward the $11.00 psychological level.
• Volume spiked during the bullish push, indicating heightened interest, though divergence in turnover suggests mixed sentiment.
• The RSI hit overbought levels during the rally and has since corrected into neutral territory, signaling potential consolidation ahead.
• Bollinger Bands expanded during the move up, now showing price retesting the lower band, suggesting a possible support zone near $10.75–$10.80.

24-Hour Price Summary and Volume

MultiversX/Tether (EGLDUSDT) opened at $10.83 on 2025-10-13 at 12:00 ET and traded as high as $11.72 before closing at $10.83 as of 12:00 ET on 2025-10-14. The total 24-hour volume was approximately 191,467.05, with a total notional turnover of roughly $2.19 million. The price action reflects a sharp rally, followed by a steep correction and a consolidation phase.

Structure & Formations

The 24-hour period featured several significant price movements. A sharp bullish impulse emerged after 19:30 ET, pushing the price from $11.13 to a high of $11.72. However, this upward thrust failed to sustain momentum, and a bearish reversal followed after a key overbought RSI signal. Price then fell back to $10.83, closing near the opening level. A large bearish engulfing pattern formed between $11.26 and $11.23 at 20:00 ET, indicating a shift in sentiment. The price also tested the psychological $11.00 support multiple times, with mixed results.

Moving Averages and MACD

On the 15-minute chart, the price briefly pierced above the 20-period and 50-period moving averages during the bullish phase, but both lines remain above the current price, suggesting bearish bias. The 50-period MA (daily timeframe) is higher than the 100 and 200-period MAs, implying that the intermediate trend remains neutral to bullish. The MACD turned negative in the late hours of 10-14, reflecting a slowdown in bullish momentum. The histogram showed a bearish divergence as price corrected, confirming a loss of upside drive.

RSI and Bollinger Bands

The RSI peaked at 75 during the rally, signaling an overbought condition that often precedes a correction. It has since pulled back into the 50–60 range, suggesting a neutral to slightly bearish mood. Bollinger Bands expanded significantly during the rally and have since begun to contract, indicating a potential period of consolidation. Price is now resting near the lower band at $10.80, which could offer near-term support.

Volume and Turnover Analysis

Volume spiked during the rally phase, particularly between 19:30 and 21:00 ET, with the largest 15-minute volume spike reaching 44,204.29 at 21:00 ET. However, the subsequent bearish correction was accompanied by relatively lower volume, suggesting a possible divergence in conviction. Notional turnover mirrored the volume pattern, with the largest notional trade occurring at $11.42. The price move lacked confirmation from sustained volume, hinting that the bullish phase may have been driven by fewer large traders.

Fibonacci Retracements

Fibonacci retracements drawn from the $10.75 low to the $11.72 high show the $11.42 peak at the 61.8% level. The recent pullback to $10.83 aligns with the 38.2% Fibonacci level, which could act as a temporary floor. If price breaks below $10.75, it would target the 50% retracement level near $10.73, reinforcing bearish pressure.

Backtest Hypothesis

A potential backtest could focus on the “Bullish Engulfing” candlestick pattern, which was visible during the rally phase but may have failed to confirm a reversal. If the pattern had succeeded, a 3-day holding period might have captured part of the upward move. However, the divergence between volume and price suggests caution. If we identify a list of confirmed “Bullish Engulfing” events, we could evaluate their performance over a 3-day horizon, considering both price and volume confirmation. This approach would help validate whether such patterns are reliable triggers for short-term gains in this pair.