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

Generated by AI AgentTradeCipherReviewed byDavid Feng
Monday, Dec 8, 2025 4:42 pm ET1min read
Aime RobotAime Summary

- MultiversX/Tether (EGLDUSDT) formed a bullish engulfing pattern above $8.03, breaking key resistance during the 24-hour period.

- RSI entered overbought territory while price closed near the upper Bollinger Band, signaling sustained upward momentum.

- Fibonacci levels at $8.04 (support) and $8.13 (resistance) acted as dynamic barriers, with volume spiking above 10,000 units during key ranges.

- Strong buying pressure at lower levels and alignment with 61.8% retracement suggest potential consolidation after the rally.

Summary
• Price formed a bullish engulfing pattern during overnight hours, breaking above $8.03.
• Volatility expanded in the early hours, with volume spiking above 10,000 units during the $7.80–$7.96 range.
• RSI moved into overbought territory after the late morning rally, signaling potential consolidation.
• Price closed near the upper Bollinger Band, suggesting momentum remains strong.
• Fibonacci retracement levels at $8.04 and $8.13 acted as dynamic support/resistance during the 24-hour period.

MultiversX/Tether (EGLDUSDT) opened at $7.87 on 2025-12-07 12:00 ET and closed at $8.08 on 2025-12-08 12:00 ET, reaching a high of $8.16 and a low of $7.78. Total volume was approximately 160,717 units, with notional turnover of around $1,286,725.

Structure & Formations


The price action featured a strong bullish engulfing pattern in the overnight session, forming above $8.03. A notable bearish reversal at $7.85 was quickly invalidated by a sharp rebound. A key support level emerged at $7.90–$7.93, which held during a pullback, while resistance solidified around $8.03–$8.06 before the final push. A 5-minute doji appeared near $7.91 in the early morning, suggesting indecision ahead of the breakout.

Moving Averages


On the 5-minute chart, the 20-period and 50-period moving averages were in a bullish alignment, with price consistently above both. The 50-period line acted as a dynamic support in the early hours. Daily moving averages (50, 100, 200) showed a flattening trend, but price remained above the 200-day line, indicating long-term structural strength.

Momentum and Volatility


The RSI reached overbought levels during the morning rally but pulled back slightly, suggesting potential for a consolidation phase. MACD remained positive with a narrowing histogram, indicating a slowdown in bullish momentum.
Volatility, as measured by Bollinger Band width, expanded significantly in the early hours, with the price closing near the upper band, reinforcing the strength of the recent upward move.

Volume and Turnover


Volume spiked above 10,000 units during the $7.80–$7.96 range and again during the $8.01–$8.16 consolidation. Notional turnover aligned with these volume surges, confirming price action. A divergence in volume was noted between the early morning bearish pullback and the subsequent bullish rebound, signaling buying pressure at lower levels.

Fibonacci Retracements


Key Fibonacci levels were tested during the 24-hour period, with the 61.8% retracement at $8.04 acting as strong support and the 78.6% level near $8.13 functioning as resistance. On the daily chart, the $8.16 high aligned with the 61.8% retracement of the prior major bearish move, suggesting potential for a pullback into that zone.

The rally suggests that buyers may continue to take control in the near term, but RSI overbought conditions and the recent break above key resistance suggest a consolidation phase could follow. Investors should remain cautious about potential short-term profit-taking or pullbacks.