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

Summary
• Price swung between $7.44 and $7.68, with key support near $7.38 and resistance at $7.68.
• A bearish divergence in RSI suggests potential oversold conditions near $7.44–$7.48.
• Late-day volume spiked as price rebounded from the session low, confirming short-term strength.
• Bollinger Bands widened during the 20:00–22:00 ET sell-off, indicating heightened volatility.
• A bullish engulfing pattern formed near $7.54–$7.56 as price stabilized after a drop.

Market Performance

MultiversX/Tether (EGLDUSDT) opened at $7.56 on 2025-12-11 at 12:00 ET, reached a high of $7.68, dipped to a low of $7.44, and closed at $7.56 on 2025-12-12 at 12:00 ET. Total volume was 35,635.56 EGLD, and notional turnover amounted to approximately $264,135.

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Structure & Formations

Price action formed a bullish engulfing pattern around $7.54–$7.56 as a sharp sell-off bottomed out. The $7.68 peak and $7.44 trough marked a 5.4% swing, with 61.8% and 38.2% Fibonacci levels appearing at $7.59 and $7.63, respectively. The $7.55–$7.57 range emerged as a critical consolidation zone, with multiple candles closing near their highs.

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Moving Averages

On the 5-minute chart, the 20-period and 50-period SMAs crossed multiple times, confirming an erratic, range-bound trend. On the daily chart, the price closed just below the 200-period SMA, which sits at approximately $7.62, suggesting bearish bias over the longer term.

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Momentum and Indicators

MACD crossed into positive territory in the early morning (ET) but lost momentum after 20:00 ET. RSI reached a low of 28 during the 15:30–16:45 ET selloff, suggesting a potential oversold condition and possible short-term bounce. However, the RSI divergence weakened in the final 3 hours, indicating caution.

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Volatility and Bollinger Bands

Bollinger Bands widened sharply between 20:00 and 22:00 ET as the price dropped to $7.44, then narrowed during the consolidation phase. Price remained above the 20-period lower band for most of the session, showing limited bearish momentum.

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Volume and Turnover

Volume spiked to 3,706.14 EGLD during the 13:30 ET rebound, coinciding with a key $7.61 close. Turnover confirmed the bounce, with a peak of $28,854 at that time. However, a volume spike during the 15:30–16:45 ET sell-off failed to confirm a new leg down, pointing to potential short-term buying interest.

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Forward-Looking Insight

With key Fibonacci and support levels now tested, the next 24 hours will likely see renewed attempts to reclaim the $7.61–$7.63 range. A sustained close above that level could signal a bullish reversal, but a retest of the $7.44–$7.48 zone remains a risk for bearish continuation. Investors should monitor volume and RSI levels for signs of exhaustion or strength.