Market Overview for MultiversX/Tether (EGLDUSDT)

• Price surged 5.75% over 24 hours, closing at $14.38 from $13.71.
• Strong volume surge near session high confirmed bullish momentum.
• RSI approached overbought territory, suggesting potential pullback.
• Bollinger Bands widened, signaling rising volatility.
• Key resistance at $14.51 and support at $14.23 identified.

Market Summary

MultiversX/Tether (EGLDUSDT) opened at $13.71 on 2025-09-17 at 12:00 ET and closed at $14.38 on 2025-09-18 at 12:00 ET. The 24-hour high was $14.69, and the low was $13.64. Total volume reached 62,448.83, and notional turnover hit approximately $883,467. The pair demonstrated strong upward bias, driven by a sharp breakout above key resistance levels.

Structure & Formations

The price structure revealed a bullish flag pattern during the 15-minute chart in the first half of the session, followed by a strong breakout from the consolidation phase. Key support levels formed around $14.23 and $14.19, with resistance at $14.51 and $14.69. Notable bullish engulfing and bullish harami patterns emerged during the late evening, confirming the continuation of the uptrend.

Moving Averages

On the 15-minute chart, price closed above both the 20-period and 50-period moving averages, reinforcing the bullish bias. Daily charts showed a crossover of the 50-period and 100-period moving averages earlier in the week, suggesting the uptrend could continue. The 200-period MA on the daily chart remains below the current price, indicating a strong continuation setup for the long side.

MACD & RSI

The MACD crossed above the zero line and remained in positive territory, confirming upward momentum. RSI climbed to 72 by the end of the session, approaching overbought levels, suggesting a potential short-term pullback may be imminent. However, the strong volume accompanying the move suggests buyers may re-enter at key support levels.

Bollinger Bands

Bollinger Bands expanded significantly throughout the session, reflecting rising volatility. Price closed near the upper band at $14.38, indicating strong momentum. A retracement to the middle band (~$14.30) could offer a re-entry point for longs, while a break below the lower band would signal a shift in sentiment.

Volume & Turnover

Volume spiked during the breakout at 00:15 ET, with a large 15-minute candle printing $14.51. Total turnover increased by nearly 300% during the breakout, indicating strong conviction among buyers. A divergence between price and volume occurred in the early morning session, suggesting a potential pause or consolidation phase ahead.

Fibonacci Retracements

Applying Fibonacci levels to the recent 15-minute swing from $13.64 to $14.69, key retracement levels at 38.2% ($14.47) and 61.8% ($14.31) were tested. Price currently sits near the 61.8% level, which may offer support before moving toward the next resistance at $14.51.

Backtest Hypothesis

A potential backtesting strategy could involve entering a long position on a breakout of the 15-minute bullish flag pattern, with a stop-loss placed below the pattern's support level of $14.23. A target could be set at the 61.8% Fibonacci level ($14.31), with a trailing stop at the 38.2% level. This setup may be reinforced by a MACD crossover above zero and a RSI above 50, providing probabilistic confirmation for the trade. Historical data would need to be examined to determine the win/loss ratio and expectancy of this pattern in similar market conditions.