Market Overview for MultiversX/Tether (EGLDUSDT)

Summary
• Price rallied from $6.25 to $6.85 on high volume, forming a bullish engulfing pattern.
• MACD crossed above zero, confirming momentum, while RSI neared overbought territory.
• Volatility expanded significantly in Bollinger Bands, with price closing near the upper band.
• Volume surged to $221.65k in a 45-minute period, suggesting strong institutional participation.
• Fibonacci retracement levels at $6.61 and $6.85 acted as key support and resistance during the move.

MultiversX/Tether (EGLDUSDT) opened at $6.25 on 2026-01-05 12:00 ET and closed at $6.62 by 2026-01-06 12:00 ET, reaching a high of $6.85 and a low of $6.20. Total volume was 113,543.28, with notional turnover at $747,719.85 over the 24-hour window.

Structure & Formations

Price traced a strong upward trend over the past 24 hours, forming a bullish engulfing pattern on the 5-minute chart during the early morning hours. Key support levels were identified at $6.53 and $6.49, while resistance held firm at $6.66, $6.72, and $6.77. A long upper shadow at $6.85 suggests potential consolidation ahead.

Moving Averages

The 20-period and 50-period moving averages on the 5-minute chart showed a bullish crossover, reinforcing the uptrend. On the daily chart, the 50-period MA crossed above the 100-period MA, indicating a longer-term positive bias.

MACD & RSI

MACD crossed above zero and remained in positive territory, with a strong signal line, showing growing bullish momentum. RSI reached overbought levels above 70 during the morning rally, suggesting short-term caution ahead of a potential pullback.

Bollinger Bands

Volatility expanded significantly during the rally, with price pushing near the upper band of the Bollinger Bands multiple times. A period of consolidation may be expected if the price fails to maintain above $6.75.

Volume & Turnover

Notional turnover spiked sharply around 03:45 ET as the price surged from $6.61 to $6.70 on a massive volume of 32,864.73. This suggests strong institutional buying. Price and volume appear to be aligned, offering confirmation for the move higher.

Fibonacci Retracements

The 5-minute chart swing from $6.20 to $6.85 saw price find support at the 61.8% level around $6.53 before continuing higher. On the daily chart, the 38.2% retracement at $6.61 also held as a key level, suggesting a possible continuation of the bullish trend.

While the current price action suggests a continuation of the bullish trend, traders should watch for a potential pullback after reaching overbought conditions. A break below $6.61 could trigger short-term profit-taking, so caution and risk management remain key over the next 24 hours.