Market Overview for MultiversX/Tether (EGLDUSDT)

Generated by AI AgentAinvest Crypto Technical RadarReviewed byAInvest News Editorial Team
Wednesday, Jan 7, 2026 3:25 pm ET1min read
EGLD
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Aime RobotAime Summary

- EGLDUSDT formed bullish engulfing patterns at 6.5–6.61 but reversed to 6.36–6.42, showing bearish divergence.

- Volume surged during the 6.53–6.67 rally before declining, while RSI shifted from overbought to oversold, signaling potential consolidation.

- Bollinger Bands expanded during the rally then contracted near 6.45, with 6.48–6.51 Fibonacci levels acting as key short-term resistance.

- A doji candle at 6.55–6.53 and bearish engulfing patterns near 6.45–6.36 highlight critical support/resistance clusters for near-term direction.

Summary
• Price formed bullish engulfing patterns at 6.5–6.61, but faded toward 6.36–6.42 in late ET hours.
• Volume surged during 20:30–21:30 ET (6.53–6.67) before tapering, suggesting momentum exhaustion.
• RSI hit overbought conditions early, then oversold in the final 5 hours, signaling possible consolidation.
• Bollinger Bands expanded with the 6.5–6.61 rally, then contracted as price consolidated near 6.45.
• A 61.8% Fibonacci retracement aligns with 6.48–6.51, currently acting as a key short-term resistance cluster.

MultiversX/Tether (EGLDUSDT) opened at $6.49 on 2026-01-06 at 12:00 ET, hit a high of $6.67, a low of $6.32, and closed at $6.36 by 12:00 ET on 2026-01-07. Total volume was 72,156.83, with $476,345.93 in notional turnover over the 24-hour period.

Structure & Formations


Price formed a strong bullish engulfing pattern between 6.50 and 6.63 during the late evening hours, followed by a reversal into bearish divergence as it dipped below 6.50. A large bearish engulfing pattern emerged near 6.45–6.36, suggesting short-term profit-taking. Key support levels appear to be forming around 6.45–6.48, with resistance clustering near 6.55–6.61. A doji candle formed near 6.55–6.53, indicating indecision ahead of key Fibonacci levels.

Moving Averages and Momentum


On the 5-minute chart, price briefly crossed above the 20SMA during the 6.58–6.67 rally but quickly retraced. The 50SMA remained below the 20SMA throughout, suggesting a lack of sustained upward bias. MACD showed a bullish divergence early, followed by bearish momentum as price declined. RSI peaked at overbought levels during the 20:30–21:30 ET rally before dropping into oversold territory, hinting at a potential bounce near 6.40–6.48 in the short term.

Volatility and Bollinger Bands


Bollinger Bands widened during the 6.50–6.67 rally, reflecting heightened volatility, before narrowing as price consolidated in the 6.32–6.48 range.
. Price recently traded within the lower half of the bands, signaling a potential short-term bounce. The 61.8% Fibonacci retracement of the 6.32–6.67 move aligns with the 6.48–6.51 level, which could either hold or break to dictate the next directional move.

Volume and Turnover


Volume spiked sharply during the 6.53–6.67 move but declined as price drifted lower, suggesting weakening conviction in the upside. Conversely, volume increased during the 6.45–6.36 correction, confirming the bearish bias. Notional turnover mirrored volume trends, with notable accumulation near key resistance levels and divergence in the 6.40–6.32 range. This suggests a possible test of 6.45–6.48 in the coming 24 hours.

In the next 24 hours,

EGLDUSDT
may test the 6.45–6.48 range for direction. If buyers step in above 6.48, a retest of 6.53–6.55 is possible; otherwise, a pullback toward 6.32–6.36 could follow. Investors should remain cautious as volatility remains elevated and key levels are yet to be decisively resolved.