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

• Price fell from $9.93 to $9.26 during the 24-hour period, closing near the 24-hour low.
• Volume spiked at $10.02 but failed to sustain the move, indicating weak bullish conviction.
• A bearish divergence in RSI and price suggests declining momentum in the downward trend.
• Bollinger Bands widened sharply, reflecting high volatility during a major breakdown phase.
• A tweezer bottom may form near $9.44, signaling potential short-term support and reversal.

The 24-hour chart for MultiversX/Tether (EGLDUSDT) shows a sharp decline from a peak of $9.93 at 18:15 ET to a 24-hour low of $9.26 at 12:45 ET. Open at $9.66 on October 29, close at $9.44 on October 30. Total volume was 422,836.68 and notional turnover was approximately $3.95M, driven by a large spike in early October 30.

Price action shows a bearish breakdown, with a wide-range candle at 00:15 ET (O: $9.66, H: $10.02, L: $9.66, C: $9.85) failing to close above the high, indicating rejection of bullish momentum. A long bearish candle at 23:45 ET (O: $9.72, H: $9.72, L: $9.60, C: $9.63) suggests capitulation, followed by a trading range consolidation from $9.60 to $9.70 as sellers took control. Key support levels appear at $9.54 (50% Fib retracement), $9.44 (tweezer bottom), and $9.30 (previous swing low), while resistance remains at $9.70 and $9.85.

MACD turned negative and showed bearish divergence in the latter half of the session, while RSI dropped below 40 and approached oversold territory, hinting at potential short-term bounce. Bollinger Bands expanded significantly during the breakdown phase, with price closing near the lower band at $9.44, reinforcing bearish pressure. A tweezer bottom at $9.44—formed by consecutive candles with matching lows—could offer near-term support, though a close below $9.30 would intensify the downtrend. Volume and turnover confirmed the breakdown, with no signs of significant buying interest to counter the sellers.

Moving averages on the 15-min chart show a bearish crossover, with the 20-period MA below the 50-period MA. On the daily chart, the 50-period MA is falling below the 100-period MA, signaling bearish momentum. A close below $9.30 could test the 200-period MA, currently at $9.15, a potential medium-term target. Fibonacci retracement levels suggest $9.54 (38.2%) and $9.44 (50%) as potential short-term support levels, while $9.70 (61.8%) marks a key resistance.

Backtest Hypothesis
The potential tweezer bottom near $9.44 may offer a strategic entry point for a short-term reversal trade. A confirmed rebound above $9.48 could signal a bullish divergence in RSI, suggesting a counter-trend move. A backtest using this formation could assess entry at $9.44–9.48, with a target at $9.54–9.60 and a stop-loss at $9.38–9.30. Integrating the backtest with moving averages and RSI divergence could refine trade signals, especially for intraday strategies in a high-volatility context.