Market Overview: MultiversX/Tether (EGLDUSDT) on 2025-12-13

Summary
• Price surged past 7.50 during the early hours before consolidating near 7.45.
• Volume spiked over 69,000 on the 24-hour chart, confirming the early strength.
• RSI showed overbought conditions at 7.61 before correcting into a balanced range.
• A bullish engulfing pattern emerged at 7.41-7.58, suggesting potential follow-through.
• Bollinger Bands widened during the early surge, signaling rising volatility.

MultiversX/Tether (EGLDUSDT) opened at $7.22 on 2025-12-12 at 12:00 ET, surged to a high of $7.61, dipped to a low of $7.40, and closed at $7.48 by 12:00 ET on 2025-12-13. Total volume over the 24-hour period was 92,414.28, with notional turnover reaching $664,693.

Structure and Price Action

The price moved in a distinct two-phase pattern: a sharp rally to 7.61 in the early morning hours, followed by a pullback into consolidation between 7.42 and 7.55. A notable bullish engulfing pattern formed between 7.41 and 7.58, indicating short-term bullish momentum. Support appears to be forming around the 7.44–7.46 range, with resistance lingering at 7.52–7.54 as a key short-term ceiling.

Momentum and Indicators

The RSI surged into overbought territory during the early rally but has since corrected into a neutral range around 58, suggesting a balanced market. MACD showed a strong positive divergence early on, but the signal has flattened into a sideways consolidation phase, indicating a potential pause in directional momentum.

Volatility and Volume

Bollinger Bands expanded significantly during the early morning rally, reflecting heightened volatility. Volume surged above 69,000 at 00:15 ET as the price broke above 7.41, confirming the strength of the move. However, volume has since moderated, suggesting reduced conviction in the current move.

Fibonacci and Key Levels

Fibonacci retracement levels applied to the 7.41–7.61 swing suggest key levels at 7.52 (61.8%) and 7.50 (50%). Price has stalled near 7.50, suggesting this may be a pivotal level for near-term direction. A break above 7.52 could attract fresh longs, while a retest of 7.44-7.46 remains a critical support watch.

The market appears to be in a period of consolidation after a sharp morning rally, with momentum indicators showing a potential pause in directional force. A break above 7.52 could reignite bullish sentiment, but a close below 7.44 may signal renewed bearish pressure. Investors should remain cautious of volatile swings ahead.