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

Summary
• Price declined from $8.45 to $7.9, forming multiple bearish reversal patterns.
• Volume and turnover surged during the downward move, confirming bearish momentum.
• RSI dropped into oversold territory, suggesting potential near-term buying interest.

MultiversX/Tether (EGLDUSDT) opened at $8.41 on 2025-12-09 at 12:00 ET, reached a high of $8.45, and closed at $7.90 on 2025-12-10 at 12:00 ET, with a low of $7.84. Total volume amounted to 109,139.09, and notional turnover was approximately $867,051.

Structure & Formations

The price action displayed multiple bearish signals, including a bearish engulfing pattern at the top of the $8.41–$8.45 range and a series of lower highs and lower closes. A potential support zone emerged near $7.90–$7.85, with several candles consolidating in this range, suggesting increasing buyer involvement at those levels.

Volume & Turnover

Volume and turnover spiked during the early part of the 24-hour period, especially in the $8.21–$8.09 range, confirming the bearish break. However, volume began to contract as the price approached $7.90, indicating a possible pause in the downward trend. The divergence between price and volume suggests the move may be running out of steam.

MACD & RSI

RSI dropped below 30 into oversold territory by the end of the 24-hour period, while the MACD turned negative and remained bearish, but showed signs of flattening. This could indicate short-term buying pressure entering the market after a sharp correction.

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Bollinger Bands

Price remained near the lower Bollinger Band for most of the 24-hour period, with a noticeable contraction in volatility observed in the final few hours. The contraction suggests a potential breakout or reversal could be imminent, but direction remains unclear.

Fibonacci Retracements

Key Fibonacci levels on the 5-minute chart include 38.2% at $8.13 and 61.8% at $7.95. The price tested the 61.8% level before consolidating around $7.90, suggesting it may be a short-term floor.

Looking ahead, the market appears to be testing key support levels and could consolidate or retest $8.00 in the next 24 hours. Traders should watch for volume confirmation on any potential bounce, as bearish momentum remains strong but may be losing steam. As always, sharp price swings remain a risk, especially in a volatile environment.