Market Overview for MultiversX/Tether (EGLDUSDT) as of 2025-12-31 12:00 ET

Summary
• Price action shows a bearish breakdown from the $5.71–$5.72 consolidation zone.
• Volume spiked near $5.64–$5.65, suggesting possible short-term support.
• RSI remains in oversold territory, signaling potential for near-term bounce.
• Bollinger Bands contract mid-day, hinting at a possible volatility burst.
• Large 5-minute candle at 00:15 ET ($5.62–$5.80) highlights erratic momentum.

MultiversX/Tether (EGLDUSDT) opened at $5.72 and closed at $5.68, with a high of $5.80 and a low of $5.49 over the 24-hour window. Total volume amounted to 123,624.84 EGLD, and notional turnover reached $689,295.88.

Structure & Formations

Price initially tested the $5.71–$5.72 range multiple times but eventually broke down below that level during the afternoon hours. A key bearish engulfing pattern formed around 19:15 ET as the pair closed near the session low.

A large bullish reversal candle at 04:15 ET ($5.69–$5.72) may offer near-term support if price pulls back. A doji at $5.65–$5.66 suggests indecision, and if price fails to hold above this zone, it may signal a deeper test of the $5.60 level.

Moving Averages and Momentum

On the 5-minute chart, the 20-period and 50-period moving averages both trended lower throughout the session, reinforcing the bearish bias. The 50-period MA was last at $5.69, and the 20-period MA at $5.70, with price firmly below both. The RSI hit 28 at 16:45 ET, signaling oversold conditions, suggesting a possible bounce in the short term, though a sustained close above $5.71 is unlikely without renewed buying pressure.

MACD & Bollinger Bands

MACD crossed into negative territory and maintained bearish momentum throughout the session. The histogram continued to widen, indicating growing bearish conviction. Bollinger Bands saw a significant contraction around 02:00–04:00 ET, which was followed by a sharp move down. Price closed near the lower band at $5.68, indicating heightened bearish pressure.

Volume and Turnover

Volume spiked significantly at $5.64–$5.65 during the early morning hours, indicating defensive buying at that level. Notional turnover mirrored the volume pattern, peaking at the same junctures, suggesting alignment between price and turnover. Divergence is not apparent at this stage, but a failure to hold above $5.65 could trigger further liquidation.

Fibonacci Retracements

Applying Fibonacci to the $5.49–$5.80 swing, 38.2% retracement aligns with $5.66 and 61.8% with $5.72. Price appears to have bounced off the 38.2% level briefly in the early morning, but failed to hold. A retest of the 38.2% retracement in the next 24 hours could confirm or reject the short-term bottoming scenario.

Forward Outlook and Risk Note

Price appears to be in a short-term bearish phase, with key support near $5.64 and resistance at $5.72. A move above $5.72 could signal a retesting of the upper bounds of the recent consolidation. However, continued volatility and thin volume near $5.59–$5.62 pose a risk of further downside. Investors should monitor the $5.64 level closely over the next 24 hours for signs of a potential reversal or continuation of the breakdown.