Market Overview for MultiversX/Tether (EGLDUSDT)

Summary
• Price tested $6.24 resistance before retracing, forming bullish and bearish engulfing patterns.
• Volume spiked during key breakouts, confirming price action above $6.21 support.
• RSI hovered near overbought levels mid-day, signaling possible reversal.
• Bollinger Bands expanded after 02:00 ET, reflecting heightened volatility.
• Turnover surged 30% above average during the final 4 hours, reflecting increased participation.

At 12:00 ET−1, MultiversX/Tether (EGLDUSDT) opened at $6.16 and traded between $6.16 and $6.32 over the next 24 hours, closing at $6.31 at 12:00 ET. Total volume was 43,376.81, and notional turnover reached $273,537.37, reflecting strong on-chain activity.

Structure & Formations

Price found initial support at $6.21 and tested resistance at $6.24 multiple times, with a key bullish engulfing pattern forming around 03:15 ET. A bearish engulfing candle later emerged at 09:15 ET, indicating indecision. A long-legged doji formed at $6.22 after 16:00 ET, signaling potential exhaustion after a sharp $6.32 peak.

Moving Averages

On the 5-minute chart, the 20-period MA supported a rebound at $6.21, aligning with the 50-period MA. Daily averages showed a slight bearish bias, with the 50-period MA below the 200-period MA, but the 100-period MA acted as a dynamic floor near $6.23.

Momentum & Volatility

The RSI rose to 72 mid-day, near overbought territory, before declining, suggesting potential exhaustion. MACD crossed above the signal line at 01:00 ET, confirming a short-term bullish trend. Bollinger Bands widened significantly after 02:00 ET, reflecting rising volatility, with price staying within the upper band most of the session.

Volume and Turnover

Volume spiked during key support/resistance breaks, particularly around $6.21 and $6.24, with the highest single 5-minute volume of 3,596.87 at 03:00 ET. Turnover also surged during the final 4 hours, aligning with price movement. No major divergence between price and turnover was observed.

Fibonacci Retracements

Fibonacci levels on the 5-minute chart highlighted key retracement areas at $6.23 (38.2%) and $6.25 (61.8%) during the mid-day rally. On the daily chart, the $6.28 level marked a critical 78.6% retracement level, which held briefly before a sharp retest.

Price appears to be testing a key resistance zone above $6.24, and a sustained close above $6.32 could trigger further upside. However, the doji and bearish engulfing pattern suggest caution ahead. Investors may want to monitor the 20-period MA and RSI for confirmation of momentum.