Market Overview: MultiversX/Tether (EGLDUSDT) - December 21, 2025

Summary
• Price tested key resistance at $6.65–6.67, with rejection into a pullback to $6.41.
• Volatility expanded mid-day with increased volume and a $0.26 intraday range.
• RSI and MACD indicated bearish momentum after 05:00 ET, with overbought levels cleared.
• Bollinger Bands showed a recent expansion after a period of consolidation.
• Volume-driven sell-off from $6.69 to $6.41 suggests potential for further retracement.

24-Hour Snapshot

MultiversX/Tether (EGLDUSDT) opened at $6.63 on December 20 at 12:00 ET and reached a high of $6.69 before closing at $6.41 on December 21 at 12:00 ET. The pair saw a low of $6.32 and closed below the opening level in a bearish fashion. Total volume amounted to 39,157.69 units, with notional turnover reaching $257,082.

Structure & Formations

The price showed a clear resistance cluster between $6.65 and $6.69, where a bearish rejection occurred through a long-tailed candle and a bearish engulfing pattern. A subsequent breakdown below key support at $6.57 led to a test of the next major level at $6.41, forming a potential Fibonacci retracement of 61.8% from the $6.69 high. A bearish divergence in RSI during the downswing indicates continued selling pressure.

Moving Averages and MACD

On the 5-minute chart, the 20-period and 50-period SMAs showed bearish crossover activity around 08:00 ET, confirming the downtrend. The daily chart saw the 50-period SMA as key dynamic support at $6.55, currently under test. The MACD turned negative mid-day, with a bearish histogram reinforcing the move lower.

Volatility and Bollinger Bands

Bollinger Bands expanded significantly from 04:00 to 08:00 ET as the price moved from the upper band to the lower band, indicating heightened volatility. The bands have since narrowed again, suggesting a possible pause in momentum before the next directional move.

Volume and Turnover

Volume spiked during the bearish reversal near $6.65, with a large volume of 10,680.9 units recorded during the 21:00–21:45 ET timeframe. The pullback to $6.41 saw a surge in volume as well, signaling renewed distribution pressure. However, turnover during the rally back to $6.58 was weaker, suggesting limited buyer participation.

Looking Ahead

The pair appears to have established a short-term bearish bias, with the near-term target at the 61.8% Fibonacci level of $6.35–6.32. A retest of $6.41 as support may offer buying opportunities, but caution is warranted if volume fails to confirm the bounce. Investors should watch for a breakdown below $6.35 to confirm the bearish scenario. As always, sudden liquidity shifts or macro events could trigger countertrend volatility.