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

Summary• Price closed 0.05% lower at $9.87, with a 24-hour range of $9.57–$10.89.
• Volume surged during the early hours, peaking at $10.63 before retracing.
• RSI suggests overbought conditions during the rally but now neutralized.

EGLDUSDT opened at $10.02 on 2025-11-08 at 12:00 ET and closed at $9.87 on 2025-11-09 at the same time. The pair touched a high of $10.89 and a low of $9.57 during the 24-hour period. Total volume reached 397,444.16 EGLD, with a notional turnover of approximately $3,932,498. The price action reflected strong volatility and shifting sentiment.

The candlestick pattern suggests a bearish reversal forming late in the session, with a large bearish candle on the final hour’s data. The price found initial support around $9.84, which was tested multiple times during the day. On the 15-minute chart, a bullish engulfing pattern appeared briefly at the $9.90–$9.91 level but failed to hold. The 20-period moving average currently sits above the 50-period line, but the 50-period line has started to turn downward, indicating potential weakening in the near-term trend.

Bollinger Bands showed a clear expansion during the early hours of the session, coinciding with the breakout above $10.60. Price pulled back sharply afterward, closing near the lower band at $9.87. RSI readings hovered in overbought territory during the rally but fell into neutral to slightly oversold conditions by the close. The 15-minute MACD line crossed below the signal line in the final hours, reinforcing bearish momentum.

Volume spiked during the initial rally phase, particularly between 01:30–02:15 ET, where over 22,000 EGLD changed hands in key 15-minute intervals. However, volume has since declined, with the most recent hour showing moderate buying pressure at $9.87. Divergence between rising price and declining volume during the rally may indicate a weakening trend. The $9.84–$9.87 range appears to be consolidating as a short-term floor, with resistance forming at $9.90–$9.93.

The Fibonacci retracement levels on the 15-minute chart show 61.8% at $9.90 and 38.2% at $10.19 during the recent bearish correction from $10.89 to $9.57. This aligns with the observed consolidation near the $9.87 level. On the daily chart, the 50-period moving average is at $9.96, while the 200-period line is at $10.26, suggesting a broader bearish bias over the longer term. Traders may monitor the 20-period moving average as a near-term guide for directional bias.

Backtest Hypothesis

Given the current structure and recent price action, a viable backtest strategy could involve entering a short position when the 15-minute price closes below the 20-period moving average and the MACD line turns negative. A stop-loss could be placed just above the most recent 15-minute high (e.g., $9.93), with a take-profit target at the 61.8% Fibonacci retracement level on the downward move. This approach leverages the bearish momentum and key support levels observed during the last 24 hours. If volume remains subdued, it could indicate a continuation of the consolidation phase rather than a breakout.