Market Overview for MultiversX/Tether (EGLDUSDT)

Summary
• Price formed key support at $6.01 and broke above $6.20, reaching a 24-hour high of $6.88.
• Strong volume spikes confirmed the breakout, with $109,726.71 in notional turnover at the peak.
• RSI hit overbought territory above 70 during the late-day rally, signaling potential pullback risk.
• Bollinger Bands widened after 16:00 ET, reflecting growing volatility in the final hours.
• A bullish engulfing pattern formed around 00:30–01:30 ET, reinforcing the upward bias.

MultiversX/Tether (EGLDUSDT) opened at $6.01 on January 16, 2026, touched a high of $6.88, and closed at $6.83 on January 17 at 12:00 ET. Total volume was 161,300.06, with $109,726.71 in notional turnover.

Structure & Formations

Price found support at $6.01 early in the session, forming a bullish engulfing pattern shortly after 01:30 ET. The asset then rallied through key resistance levels at $6.20, $6.30, and $6.50, reaching a high of $6.88 before consolidating. A bearish divergence in the final candle may hint at potential near-term reversal.

Moving Averages

On the 5-minute chart, the 20-period and 50-period moving averages trended higher in sync with price. The daily 50, 100, and 200-period averages were all below the closing price, indicating a short-to-medium-term bullish setup.

Momentum and Volatility

The RSI surged above 70 after 15:00 ET, signaling overbought conditions, while the MACD remained in bullish territory with a strong positive divergence. Bollinger Bands widened significantly after 16:00 ET, showing a sharp rise in volatility.

Volume and Turnover

Volume surged during the afternoon and evening hours, with a peak of 161,300.06 at 16:15 ET. Notional turnover spiked above $109,000, aligning with the price high. The volume-to-turnover profile showed strong buyer participation without significant sell pressure.

Fibonacci Levels

Recent 5-minute swings identified key Fibonacci levels at $6.67 (38.2%), $6.79 (61.8%), and $6.90 (extension). Price reached the 61.8% retracement level before consolidating, which may act as a potential resistance or support in the next 24 hours.

The rally shows strong momentum and confirmation from volume and momentum indicators, suggesting further upside potential. However, with RSI overbought and a bearish divergence in the final candle, a short-term pullback to $6.60–$6.70 could occur. Investors should watch for a break below $6.60 as a sign of waning momentum.