Market Overview: MultiversX/Tether (EGLDUSDT)

• EGLDUSDT opened at $14.27 and closed at $14.40 after a bullish 15-minute candle at $14.47.
• Price surged from a low of $14.17 to a high of $14.68, with heavy volume in the final hours.
• RSI climbed into overbought territory late, while MACD turned positive, signaling rising momentum.
• Volatility expanded as Bollinger Bands widened, with price near the upper band at peak.
• A bullish engulfing pattern formed after the $14.51 consolidation, hinting at continued upside.

MultiversX/Tether (EGLDUSDT) opened at $14.27 on 2025-09-20 at 12:00 ET and closed at $14.40 one day later. The pair reached a high of $14.68 and a low of $14.17, with total volume of 69,297.16 and notional turnover of approximately $997,817. Key support levels emerged around $14.20–14.25, while resistance consolidated at $14.45–14.50, with a breakout above $14.60 likely to trigger further buying pressure.

Price action showed a clear bullish bias throughout the 24-hour period, with a strong rebound from a bearish correction phase. A bullish engulfing pattern formed around $14.51 after a consolidation phase, suggesting that buyers had taken control. The most recent 15-minute candles displayed a sharp rally from $14.53 to $14.68, driven by above-average volume and a widening spread between highs and lows, indicating increased volatility and trader interest.

MACD turned positive during the late hours of the session, crossing above the signal line and showing strengthening bullish momentum. RSI climbed into overbought territory (above 70) near the $14.68 high, suggesting potential short-term profit-taking. However, a strong bullish divergence appeared in the last three 15-minute candles, with price making higher highs while RSI showed weaker tops—this may indicate the presence of strong accumulation by longs. Bollinger Bands expanded notably during the late hours of the session, with price hovering near the upper band, indicating aggressive buying pressure.

The 20-period and 50-period moving averages on the 15-minute chart both crossed above the 50-period line late in the session, confirming the bullish trend. On the daily chart, the 50-period MA is approaching the 100-period MA from above, suggesting a potential short-term consolidation phase ahead. The price has remained above the 50-period daily MA since the morning hours, indicating a strong near-term trend.

Key Fibonacci retracement levels from the $14.17 low to the $14.68 high showed price testing the 61.8% level at $14.49 before pulling back to $14.43. This suggests a possible continuation of the bullish trend if the 61.8% level can be retested and held.

Backtest Hypothesis
A potential backtesting strategy for this pair could involve entering long positions when a bullish engulfing pattern forms on the 15-minute chart, confirmed by a close above the 50-period MA and a positive MACD crossover. Exit positions when the RSI hits overbought territory or when price pulls back below the 20-period MA. Given the current price action, this strategy aligns well with the recent move from $14.27 to $14.68, particularly the consolidation and breakout pattern observed.