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

Summary
• Price declined from 5.89 to 5.71, forming bearish engulfing and bear trap patterns.
• RSI and MACD show bearish momentum with RSI near oversold territory.
• Volatility expanded, with price breaking below key support levels and testing 5.65.
• Bollinger Bands show wide expansion, with price near the lower band.
• Volume spiked during key breakdowns, confirming bearish bias.

MultiversX/Tether (EGLDUSDT) opened at 5.89, peaked at 5.93, and fell to 5.63, closing at 5.71. Total volume amounted to 105,818.69 with $604,440.35 in turnover.

Structure & Formations

Price action displayed bearish engulfing patterns at key resistance levels, especially near 5.89 and 5.93, as well as a bear trap formation following a failed rebound above 5.84. A notable breakdown occurred at 5.75, confirming a shift in sentiment. Support levels at 5.75 and 5.65 were tested, with 5.65 showing early signs of consolidation.

Technical Indicators

The MACD remained bearish throughout the session, with a negative crossover and a declining histogram. RSI dipped into oversold territory near 30, suggesting potential for a short-term rebound. However, Bollinger Bands showed a significant expansion, indicating heightened volatility and a widening price range.

Volume & Turnover

Volume surged during the critical breakdowns below 5.75 and 5.65, confirming bearish momentum. Turnover also increased during these sessions, particularly after 20:00 ET on 2025-12-29 and into the early hours of 2025-12-30. Price and turnover aligned during these phases, adding strength to the bearish signal.

Fibonacci Retracements

On the 5-minute chart, price found resistance at the 38.2% retracement level (5.89) before breaking down. Daily retracements showed 5.75 as the 61.8% level of a prior bullish move, now acting as a pivot point. Price has since moved below this, suggesting a possible test of the 38.2% level at 5.58 if the downward trend continues.

Looking ahead, a rebound above 5.75 could indicate short-term stabilization, but a failure to hold above 5.65 would likely push the pair toward 5.58. Investors should remain cautious and watch for a possible divergence between price and RSI as an early warning sign of a reversal.