Market Overview for MultiversX/Tether (EGLDUSDT)

• Price opened at $14.47 and closed at $14.00 after a volatile 24-hour session.
• A sharp drop occurred overnight with a 15-minute candle recording a 6.4% fall to $14.29.
• Volume spiked above $19,000 on the 15-minute chart, confirming significant market activity.
• RSI hit oversold territory, while MACD signaled bearish momentum during the decline.
• Bollinger Bands widened overnight, indicating a surge in volatility.

MultiversX/Tether (EGLDUSDT) opened at $14.47 on 2025-09-14 at 12:00 ET and closed at $14.00 at 12:00 ET on 2025-09-15, reaching a high of $14.94 and a low of $13.96. The total 24-hour volume was 149,112.00 EGLD, with a notional turnover of $2,169,033.00.

Structure & Formations

Price action revealed a strong bearish reversal pattern late in the 24-hour window, with a long bearish candle forming after a sharp overnight drop. Key support levels appeared at $14.40 and $14.20, both of which were tested and briefly held during the morning hours. Resistance levels are currently at $14.60 and $14.80, which could be retested on a recovery. A notable doji formed near the high of the session, indicating indecision at $14.94, while an engulfing bearish pattern confirmed a shift in sentiment after midday.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed below the price line, confirming a bearish bias. The 50-period MA is currently at $14.64, while the 20-period MA sits at $14.67. On the daily chart, the 50-period and 200-period moving averages are at $14.55 and $14.40, respectively. Price is below both, reinforcing the bearish momentum.

MACD & RSI

The MACD crossed below the signal line in the early hours, confirming bearish momentum, with the histogram shrinking slightly in the later part of the session as sellers showed signs of fatigue. The RSI dropped below 30 in the early morning, indicating oversold conditions, but failed to trigger a strong bounce, suggesting a lack of buying interest. These readings suggest a high probability of a continuation in the short term, though a reversal could occur if RSI closes above 50.

Bollinger Bands

Bollinger Bands expanded significantly overnight, indicating a sharp rise in volatility. The price closed below the 20-period lower band at $14.17, suggesting a bearish exhaustion phase. If volatility contracts and price returns within the band, it could signal a potential reversal. However, as long as price remains outside the band and RSI remains below 30, a continuation of the current downward trend is likely.

Volume & Turnover

Volume surged during the overnight hours, with a 15-minute candle reporting over 19,000 EGLD traded at $14.29. This aligns with a large notional turnover of $286,789 during the same period. The divergence between the sharp price drop and relatively lower turnover in the following hour suggests some level of exhaustion in the bearish move. However, the confirmation of large-volume sell-offs at key levels like $14.60 and $14.80 implies continued bearish pressure in the short term.

Fibonacci Retracements

Applying Fibonacci retracement levels to the 15-minute swing from $14.94 to $13.96, key levels of 38.2% at $14.63 and 61.8% at $14.49 were tested during the recovery attempt. On the daily chart, a 38.2% retracement from a recent high is at $14.55, which could serve as a potential short-term support/resistance area. If the price retests $14.49 or $14.63 and fails to break through, it could signal a bearish continuation.

Backtest Hypothesis

A potential backtest strategy could involve using a combination of RSI and MACD to identify bearish breakouts. The strategy would trigger a sell signal when RSI falls below 30 and MACD crosses below the signal line with a bearish divergence. Given the recent formation of a bearish engulfing pattern and a confirmed MACD crossover, this strategy would have entered a short position early in the 24-hour window. A stop-loss could be placed just above $14.60 to limit risk, while a target could be set near $13.80, aligning with the 61.8% Fibonacci level and current momentum.