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

• EGLD/USDT fell from 9.65 to 9.24 during the 24-hour period, closing near 9.55 with strong volatility.
• Volume surged during the midday sell-off, with a sharp reversal toward the end of the window.
• A deep retracement and bearish momentum suggest potential for further consolidation or pullback.
• Bollinger Bands contracted briefly before expanding, indicating increased uncertainty in the market.
• RSI entered oversold territory twice, but price failed to confirm strong bullish bounce, indicating potential weakness.

Market Summary and Price Movement

MultiversX/Tether (EGLDUSDT) opened at $9.63 at 12:00 ET − 1 and traded in a volatile range throughout the 24-hour period. The pair reached a high of $9.74 and a low of $9.11 before closing at $9.55. Total volume for the 24-hour period was approximately 112,563.75, with a notional turnover of around $1,071,843.32. The price action shows signs of exhaustion after the sharp midday drop and a partial rebound in the latter half.

Structure & Formations

Price action formed a bearish continuation pattern in the midday hours, with a strong rejection of key support at $9.39–$9.41. A bearish engulfing pattern emerged at 19:00–19:15 ET as the candle closed lower than the prior bullish candle. Later, a doji formed near the 24-hour low, signaling potential indecision. The price appears to be testing the 61.8% Fibonacci level of the 15-minute swing, which could determine whether a bullish bounce or further bearish correction follows.

Moving Averages

On the 15-minute chart, the 20-period moving average dipped below the 50-period line, forming a bearish crossover. The daily chart shows the 50-period moving average pulling away from the 200-period line, indicating a longer-term bearish bias. Price is currently below both the 50 and 200-day moving averages, reinforcing the bearish momentum and suggesting further support testing could be imminent.

MACD & RSI

MACD is in negative territory with the histogram expanding during the midday sell-off, indicating strong bearish momentum. The signal line crossed below the MACD line, confirming the bearish divergence. RSI hit oversold levels twice — first at $9.24 and again near $9.43 — but failed to trigger a meaningful reversal. This divergence between RSI and price suggests lingering bearish pressure, and a break below 50 on RSI could indicate further weakness.

Bollinger Bands and Volatility

Bollinger Bands expanded significantly during the midday drop as volatility spiked, with price briefly trading near the lower band. This suggests increased uncertainty and heightened market sensitivity to news or order flow imbalances. In the latter half of the 24-hour period, the bands began to contract slightly, hinting at potential consolidation or a reversal in momentum.

Volume and Turnover

Volume was particularly strong during the midday sell-off, with a single 15-minute candle at 21:15 ET showing a volume of 10,328.19 and a $9.11 low. Notional turnover mirrored this, peaking as the price dropped sharply. Later in the session, volume and turnover decreased, indicating a possible exhaustion of the bearish momentum. Price and volume appear to have aligned in the earlier part of the session but diverged slightly in the final hours.

Fibonacci Retracements

Applying Fibonacci retracement levels to the 15-minute swing from $9.63 to $9.24 shows the price is currently near the 61.8% level at approximately $9.49. If this level holds, a potential bounce could be expected. On the daily chart, the 38.2% and 61.8% levels are likely to play a role in the next 24–48 hours. A close below $9.49 would likely target the next support level near $9.39, while a rebound above $9.63 could indicate a reversal of the bearish trend.

Backtest Hypothesis

Given the current bearish setup and the key indicators pointing to potential exhaustion, a backtest hypothesis could be built around a “MACD Golden Cross” strategy to identify potential reversal points. This would involve entering a long position when the MACD line crosses above the signal line and exiting after a 3-day holding period. While current MACD levels are not showing a golden cross, a retest of key support levels could trigger one. If historical data from similar conditions is available, it could be used to estimate the potential success rate of such a strategy. However, the lack of current MACD data for EGLD/USDT limits the immediate feasibility of this approach.