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

Summary
• Price declined from 6.25 to 5.89, forming bearish engulfing and hammer patterns.
• RSI entered oversold territory below 30, hinting at possible near-term bounce.
• Volatility expanded with Bollinger Band width widening as volume surged to 8,628.64.
• Fibonacci 61.8% support around 5.91–5.94 held temporarily amid heavy selling.
• MACD turned negative, confirming bearish momentum despite brief 5-minute rallies.

24-Hour Price Action and Volume

MultiversX/Tether (EGLDUSDT) opened at 6.25 on 2025-12-28 at 12:00 ET and reached a high of 6.26. The pair dropped to a 24-hour low of 5.90 by the close of 12:00 ET on 2025-12-29, finishing at 5.89. Total volume reached 8,628.64, with notional turnover hitting $51,897.24.

Structure and Pattern Analysis

The price action displayed a clear bearish trend on the 5-minute chart, with a series of engulfing patterns forming from 18:30 to 19:15 ET on 2025-12-28 and again from 12:15 to 13:30 ET on 2025-12-29. A long-legged doji formed around 6.08 at 00:15 ET, indicating indecision. A bearish flag pattern developed between 6.20 and 6.15 before a sharp breakdown occurred around 12:15 ET.

Moving Averages and Momentum

On the 5-minute chart, the 20-period and 50-period moving averages both crossed below key support levels, reinforcing the bearish trend. The daily MA structure showed a bearish alignment with the 50- and 200-day lines in a descending formation. MACD turned negative and remained below the signal line, confirming fading bullish momentum. RSI dipped into oversold territory around 5.91–5.94, suggesting a potential rebound unless bearish volume pressures persist.

Bollinger Band and Volatility

Bollinger Bands showed significant widening, with price frequently testing the lower band between 5.90 and 5.94. The band contraction occurred briefly around 6.14–6.16 before expanding again, indicating a possible exhaustion of the current bearish move.

Volume and Turnover Insights

Volume spiked significantly during the breakdown phase, especially from 12:15 to 13:30 ET, confirming the bearish move. Turnover surged to $51,897.24 as price hit the intraday low, suggesting strong conviction in the downside. A volume divergence was observed between 5.90 and 5.94, where price stabilized but volume remained muted, hinting at potential consolidation.

Fibonacci Retracements

Fibonacci levels from the 6.25 to 5.89 range showed 5.91–5.94 as the 61.8% level. Price found brief support there but failed to hold, indicating possible deeper testing below. The 38.2% level at 5.97–5.98 acted as a temporary floor during the 13:15 to 14:30 ET period.

EGLDUSDT may test for a bounce from current levels if buying interest emerges at the 5.90–5.94 range. However, with key 5-minute and daily indicators still bearish, a continuation lower into 5.86–5.88 could occur unless a strong reversal pattern forms. Investors should remain cautious and monitor volume for confirmation of any reversal attempt over the next 24 hours.