Market Overview for MultiversX/Tether (EGLDUSDT) – 24-Hour Analysis

• Price declined sharply from $14.14 to $13.36 on increased volume.
• RSI and MACD indicate bearish momentum with oversold conditions near 13.36.
• Bollinger Bands show a volatility expansion, with price near the lower band.
• Volume spiked significantly during the sell-off, confirming bearish sentiment.
• Fibonacci levels suggest potential support at 13.60 and 13.30.

MultiversX/Tether (EGLDUSDT) opened at $14.14 on 2025-10-06 at 12:00 ET, reached a high of $14.18, and a low of $13.36, closing at $13.37 on 2025-10-07 at 12:00 ET. Total 24-hour volume was 87,969.71 EGLD with a notional turnover of approximately $1,194,730.29.

Structure & Formations

EGLD/USDT formed a bearish descending pattern during the 24-hour period, with the price breaking below the 14.00 level to test support at 13.70 and then declining further to 13.36. A significant bearish engulfing pattern appeared around 2025-10-07 15:00 ET, followed by a long lower wick that suggested rejection at 13.46, but selling pressure continued. A doji near 13.60 suggested indecision before the final leg down. The price appears to have found a potential near-term floor around the 13.30–13.40 range.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were in a bearish crossover by the latter half of the session, confirming the downtrend. On a daily timeframe, the 50-period, 100-period, and 200-period moving averages were all in a steep downward alignment, supporting the continuation of bearish momentum. The price remains below all three daily MAs, reinforcing the bearish bias.

MACD & RSI

The 12:00 ET close saw the RSI at 24, indicating an oversold condition. However, divergence with price suggested that the move lower was not entirely driven by exhausted buyers. The MACD line crossed below the signal line early in the session and remained bearish throughout, with a negative histogram. The momentum appears to have been sustained, though a short-term rebound may be due if the RSI does not overextend.

Bollinger Bands

Volatility expanded as the price dropped sharply, pushing the Bollinger Bands wider. The 13:30–14:00 ET period saw the price trading near the lower band, indicating potential exhaustion of the move. A bounce back toward the mid-band could be expected, but with the broader trend still in favor of the sellers, a retest of the lower band is likely within the next 24 hours.

Volume & Turnover

Volume surged during the final hours of the session, particularly between 15:00 and 16:00 ET, when the price dropped from 13.63 to 13.37. This volume was accompanied by a sharp drop in price, indicating strong bearish conviction. Notional turnover spiked to over $13,829.53 during the 15:15–15:30 ET period, confirming the bearish confirmation. No major divergence between price and volume was observed, supporting the view of a continuation of the bearish trend.

Fibonacci Retracements

Applying Fibonacci retracements to the 14.18–13.36 move, the 61.8% retracement level sits near $13.76, which the price failed to hold before continuing down. The 38.2% level is near $13.99, which was briefly tested during a minor bounce but was quickly rejected. On a daily chart, retracement levels from the recent high to the intraday low suggest further support at 13.50 and 13.30, which could be key levels to watch.

Backtest Hypothesis

The backtest strategy involves entering a short position when the price breaks below the 20-period moving average on the 15-minute chart, with a stop-loss placed at the recent swing high and a target aligned with the 61.8% Fibonacci retracement level. This approach aligns with the bearish momentum and key support levels observed during the 24-hour period. A trailing stop could be added after the price reaches the initial target to capture further downside potential if the broader trend continues. Given the RSI in oversold territory, a minor bounce should be anticipated, but the trend bias remains bearish.