Market Overview for MultiversX/Tether (EGLDUSDT) on 2026-01-10

Summary
• Price formed a bullish engulfing pattern near support at 6.28, followed by a strong rebound.
• RSI climbed from oversold to neutral territory, suggesting potential short-term momentum reversal.
• Volatility expanded significantly after 00:15 ET, with volume spiking 17x average as price surged past 6.50.
• Bollinger Bands widened following a contraction, indicating increased uncertainty and range expansion.
• 6.47–6.51 acted as a key resistance-turned-support cluster, confirmed by multiple bounces and consolidation.

Market Overview

MultiversX/Tether (EGLDUSDT) opened at 6.31 on 2026-01-09 12:00 ET, reached a high of 6.66, a low of 6.21, and closed at 6.50 by 2026-01-10 12:00 ET. Total volume was 448,618.73, and notional turnover was $2,931,320.15.

Structure and Key Levels

The price found a strong support level around 6.28, where a bullish engulfing pattern formed following a sharp decline. The price rebounded sharply, reaching a 24-hour high of 6.66. A key consolidation cluster developed between 6.47 and 6.51, acting as a pivotal pivot zone on both the 5-minute and daily charts. Resistance appears to have strengthened at 6.55 and above, though further confirmation is needed on the next push.

Moving Averages and Momentum

On the 5-minute chart, the 20-period and 50-period moving averages crossed bullish late in the session, confirming a short-term trend reversal. The 200-period daily moving average remains below the current price, suggesting longer-term bullish bias. The MACD histogram turned positive after the 00:15 ET rally, and RSI rose from oversold (32) to neutral (55), signaling a potential continuation of upward momentum in the near term.

Volatility and Bollinger Bands

Bollinger Bands showed a sharp expansion following a prolonged contraction during the early hours. The price traded near the upper band after 00:45 ET, indicating increased volatility and possible overbought conditions. This suggests traders should remain cautious of a pullback in the coming hours.

Volume and Turnover

Volume surged sharply after 00:15 ET with a single bar reaching 435,654.56, or roughly 95% of total 24-hour volume. This massive buy-side dominance occurred alongside a large price jump from 6.26 to 6.51, confirming a strong institutional or algorithmic buying interest. Turnover spiked correspondingly to $2.93 million in that 15-minute window.

The market appears poised to test 6.55–6.58 as the next resistance zone, potentially leading to a breakout if the bullish momentum persists. However, increased volatility and a large order book imbalance at 6.51–6.55 could lead to a pullback if buyers hesitate. Investors should watch for a break above 6.55 with increasing volume as a bullish confirmation signal over the next 24 hours.