Market Overview for MultiversX/Tether (EGLDUSDT)

• Price opened at $9.11 and closed near $9.13 after a volatile drop to $8.79, with a 24-hour high of $9.26.
• Volume spiked during the sell-off but remains below average, while turnover showed moderate strength.
• RSI and MACD suggest fading bearish momentum, with a potential rebound forming.
• A key support level appears near $8.90 and a resistance at $9.26.
• Bollinger Bands showed a widening during the drop, signaling increased volatility.

MultiversX/Tether (EGLDUSDT) opened at $9.11 on 2025-10-30 12:00 ET and closed at $9.13 by 12:00 ET on October 31. The pair reached a 24-hour high of $9.26 and a low of $8.79. Total trading volume during the 24-hour window was 43,342.34, with notional turnover reaching $385,709.69.

The 15-minute OHLCV data revealed a bearish breakdown in the late evening hours, with a notable bearish engulfing pattern forming around $8.82–$8.79. A key support level appears to have held near $8.90, as the price bounced back in the following hours. The 20-period and 50-period moving averages on the 15-minute chart crossed during the rebound, signaling a potential short-term reversal. On the daily chart, the 50-period MA is approaching the 100-period MA, suggesting a potential trend shift could be in play.

The RSI indicator dipped into oversold territory during the selloff, peaking at ~30 before showing a slow recovery. MACD turned negative as the price dropped to $8.79 but began a bullish crossover as the price rebounded. This divergence between price and momentum indicators could signal a short-term reversal or consolidation. Bollinger Bands expanded during the drop and have since started to contract, suggesting volatility may be stabilizing.

Fibonacci retracement levels applied to the recent swing from $9.16 to $8.79 suggest key levels at $9.02 (23.6%), $8.95 (38.2%), and $8.88 (61.8%). The price closed near $9.13, which aligns with the 23.6% retracement level, suggesting a potential continuation of the rebound. Volume increased sharply during the selloff but has since moderated, with no clear divergence observed between price and volume in the latest 15-minute candles.