Market Overview: MultiversX/Tether (EGLDUSDT) on 2025-11-08

• Price rose from $9.85 to $10.60, forming a bullish breakout above key resistance.
• Momentum accelerated in the last 4 hours, with MACD and RSI trending higher.
• Volume and turnover surged 220% in the last 6 hours, confirming the bullish bias.
• Bollinger Bands expanded significantly as volatility increased.
• A 61.8% Fibonacci retracement level at $10.27 acted as initial support.

MultiversX/Tether (EGLDUSDT) opened at $9.85 on 2025-11-07 12:00 ET and closed at $10.60 by 12:00 ET on 2025-11-08. The 24-hour high was $10.72, and the low was $9.77. Total volume reached 307,358.66, with $3.07 million in notional turnover, reflecting strong interest in the pair during the last 24 hours.

Structure & Formations

The price of EGLDUSDT displayed a strong bullish breakout pattern above the prior resistance level of $10.30, supported by a bullish engulfing pattern at the 15-minute $10.30–$10.36 range. A 15-minute doji at $10.36–$10.43 indicated brief consolidation after the surge. The pair then pushed higher, forming a strong ascending triangle on the 15-minute chart, with key support at $10.10 and resistance now at $10.65.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed in a bullish crossover (golden cross) around $10.30, confirming the upward momentum. The 50-period MA at $10.38 and 20-period MA at $10.41 acted as dynamic support. On the daily chart, the 50-period MA is at $10.25, and the 200-period MA at $9.95, suggesting the pair is trading well above its longer-term averages and could maintain upward bias.

MACD & RSI

The 15-minute MACD crossed above the signal line at the $10.30–$10.36 range, with positive divergence forming between price and momentum. RSI climbed to 68 near $10.60, indicating moderate bullish strength without overbought conditions. A potential overbought signal could form if RSI exceeds 70 in the next 24 hours.

Bollinger Bands

Bollinger Bands widened significantly as volatility increased, with the price trading above the upper band for the last 3 hours. This suggests heightened bullish energy and increased likelihood of a continuation. A reversion toward the 20-period moving average at $10.41 may offer a temporary consolidation zone.

Volume & Turnover

Volume spiked by over 220% in the last 6 hours, coinciding with the $10.30–$10.60 move. The notional turnover increased to $3.07 million, confirming strong conviction in the upward move. No material divergence between price and volume was observed, suggesting bullish momentum is likely to persist in the near term.

Fibonacci Retracements

Applying Fibonacci levels to the recent 15-minute swing from $9.77 to $10.60, the 61.8% retracement at $10.27 acted as strong support. The 38.2% retracement at $10.45 appears to be a key resistance-turned-support level. On the daily swing, the 50% retracement at $10.40 could serve as a psychological pivot in the next 24 hours.

Backtest Hypothesis

Given the strong MACD crossover and RSI momentum observed in the 15-minute chart, a potential backtesting strategy could involve entering a long position on each MACD golden cross and holding for five days. The signal on 2025-11-08 at $10.30, for example, resulted in a gain of over 6% in 5 hours. A consistent strategy like this, applied from 2022-01-01 to present, may offer valuable insights into the effectiveness of short-term momentum trading in EGLD/USDT. However, it would be crucial to test it on the correct exchange-specific ticker, such as EGLDUSDT.BINANCE or EGLDUSDT.KUCN, to ensure accurate results.