Market Overview for MultiversX/Tether (EGLDUSDT) as of 2026-01-05

Summary
• Price declined from $6.32 to $6.14 with key support at $6.13–$6.15 and resistance near $6.25–$6.28.
• Momentum weakened on RSI and MACD, signaling bearish pressure.
• Bollinger Bands widened late in the session, indicating rising volatility.
• Volume surged near session close, but price failed to confirm bullish breakout above $6.25.
• Fibonacci retracement levels at 50% and 61.8% ($6.20–$6.23) showed mixed price reactions.

MultiversX/Tether (EGLDUSDT) opened at $6.31 and traded between $6.10 and $6.34 before closing at $6.25 at 12:00 ET. Total volume reached 94,924.23, and notional turnover hit $580,020.47 over the 24-hour period.

Structure & Moving Averages

Price action formed a bearish trend, with the 20-period and 50-period moving averages on the 5-minute chart converging downward. The 200-period daily MA acted as a long-term resistance around $6.25–$6.28, which price struggled to surpass. A descending triangle on the 5-minute chart developed, with a potential target at $6.10–$6.13 should the pattern complete.

Momentum Indicators

The RSI hovered in bearish territory below 45 for most of the session and approached oversold levels near $6.10–$6.13, but failed to generate a strong reversal. The MACD line remained below the signal line, indicating weak momentum. Both indicators suggest a possible short-term bounce is possible but lacks immediate conviction.

Volatility and Bollinger Bands

Bollinger Bands widened as price approached key support levels near $6.13–$6.15, indicating increased volatility during the latter half of the session. Price closed near the upper band in the final 2 hours but failed to sustain above the 50-period MA, suggesting a potential consolidation phase ahead.

Volume and Divergences

Volume surged in the 14:00–16:00 ET window as price attempted a rally above $6.25, but failed to confirm a bullish breakout. A bearish divergence between volume and price in the last 4 hours of the session suggests weakening buying interest.

Fibonacci Retracements

The 50% and 61.8% Fibonacci retracement levels from the $6.10–$6.34 range occurred around $6.20–$6.23, which saw mixed price reactions—briefly bouncing from 61.8% but failing to hold at 50%. This suggests traders are watching these levels for potential direction shifts.

A possible short-term rebound toward $6.23–$6.25 could occur if the 50-period MA holds, but bears may regain control if $6.13 support breaks. Investors should monitor for any breakout confirmation or a retest of $6.15, with a 24-hour risk of a break below key support levels.