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

Summary
• Price fell 8.1% from $6.94 to $6.43 over 24 hours, breaking below key support.
• Volume surged to 6071.57 at 15:00 ET, coinciding with a sharp price rebound.
• RSI hit oversold levels below 30, suggesting potential for short-term bounce.
• Volatility expanded as Bollinger Bands widened post-16:00 ET.
• A large bearish engulfing pattern formed at 16:30 ET, confirming downward momentum.

EGLDUSDT opened at $6.94 and reached a high of $6.99 before closing at $6.43. The 24-hour volume was 60,268.9 and turnover amounted to $405,807. Price action featured a strong bearish reversal pattern and declining momentum.

Structure & Formations

Price broke below critical support at $6.90, with a large bearish engulfing pattern forming at $6.65 on the 5-minute chart. A doji at $6.81 marked a potential short-term pause. Resistance levels at $6.85 and $6.95 appear key for near-term direction.

Moving Averages and Momentum

The 20-period and 50-period moving averages on the 5-minute chart are bearishly aligned, while daily 50/200 MA crosses suggest continued downward bias. MACD remained negative throughout the 24 hours, with RSI dipping into oversold territory below 30, indicating potential for a retracement.

Volatility and Bollinger Bands

Volatility expanded significantly after 16:00 ET, with Bollinger Bands widening and price testing the lower band as low as $6.53. This suggests heightened uncertainty and potential for range-bound trading ahead.

Volume and Turnover

Volume spiked dramatically at 15:00 ET with 6071.57 units traded, confirming a price rebound to $6.97. However, turnover failed to follow through post-16:00 ET, indicating weakening conviction in the bullish move. Divergence between price and turnover suggests caution ahead.

Fibonacci Retracements

On the 5-minute chart, price found rejection at the 61.8% retracement level of the previous bullish swing. On the daily chart, the 38.2% level at $6.69 appears a potential near-term target should the downtrend consolidate.

The market appears to have reached a key inflection point after breaking below $6.90 and forming a bearish engulfing pattern. A short-term bounce into the $6.75–$6.85 range may be possible, but the broader trend remains bearish. Investors should monitor volume behavior and RSI for signs of exhaustion or renewed buying pressure in the next 24 hours.

A further test of $6.40 could be in play, with increased risk of extended bearish momentum.