Market Overview for MultiversX/Tether (EGLDUSDT) – October 1, 2025

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• Price surged 13.43–13.54, then consolidated at 13.44 amid mixed 15-minute candlestick action.
• Volume spiked over 8,000 near 13.50 during the afternoon, confirming bullish momentum.
• RSI edged toward overbought 70, but no divergence with price emerged, suggesting sustained strength.
• Bollinger Bands expanded from 13.0–13.5, highlighting increased volatility in the 24-hour window.
• Fibonacci 61.8% support held at 13.36–13.38, staving off a deeper retracement from recent highs.

Market Overview and Price Action

MultiversX/Tether (EGLDUSDT) opened at 12.64 on 12:00 ET − 1 and traded to a high of 13.55 before settling at 13.44 by 12:00 ET on October 1. The 24-hour candle closed higher, reflecting a strong overnight and early morning rally driven by a sharp volume spike of over 8,000, contributing to a total notional turnover of approximately $169,500 (based on the dataset’s cumulative volume of 12,609 EGLD and average price of ~13.44). Price moved within a broad range of 12.61–13.55, exhibiting a volatile 15-minute structure with multiple engulfing and bullish reversal patterns.

Structure & Formations

Key support levels emerged at 13.36–13.40, where the pair found buying interest after a sharp pullback in the late morning. A notable bullish engulfing pattern appeared at 13.07–13.11 around 05:45 ET, reinforcing a short-term bullish bias. Resistance levels at 13.50–13.55 saw mixed action, with volume confirming price at 13.50 but fading above that level. A potential bearish divergence between price and RSI at 13.55 suggests a possible correction is on the cards. The 61.8% Fibonacci level at 13.36 also held well, confirming its importance in the recent downswing.

MACD, RSI, and Momentum

The RSI reached 70 in the early afternoon, indicating overbought conditions. However, it held above 60 through the close, suggesting ongoing bullish momentum. The MACD remained positive throughout the session, with the histogram expanding during the 08:45–09:45 ET surge to 13.55. While the pair closed slightly below the 20-period EMA on the 15-minute chart, the 50-period line was comfortably above price, supporting a continuation of the upward trend.

Bollinger Bands and Volatility

Bollinger Bands expanded significantly in the morning and early afternoon, with the upper band reaching 13.55 and the lower band hovering near 13.00. The price closed near the mid-band at 13.44, indicating a balance between buying and selling pressure. The contraction in the latter half of the session suggests a potential pause in volatility and could hint at a consolidation phase ahead.

Volume and Turnover Analysis

Volume surged above 8,000 at 09:00–09:45 ET, coinciding with the breakout to 13.55. This confirmed the price action as a valid bullish continuation. However, turnover dipped slightly in the following 15-minute window, suggesting a possible exhaustion phase. Notable divergences were not observed between price and volume, indicating that buyers remained engaged throughout the session.

Backtest Hypothesis

A potential backtesting strategy could leverage the 50-period EMA as a dynamic support level and use RSI above 60 as a filter for long entries. This approach would align with the observed trend continuation and overbought momentum seen in the 24-hour window. By combining EMA crossovers with RSI confirmation, traders could filter out false breakouts and focus on higher-probability entries during confirmed bullish phases. A stop-loss below the 61.8% Fibonacci level at 13.36 would help manage risk effectively, especially with volatility still elevated.

Forward-Looking View

In the next 24 hours, EGLD/USDT may test key resistance at 13.50–13.55 again, with a potential break above this level likely to open the door to 13.65–13.70. However, a pullback to 13.36–13.40 is also a viable scenario, especially if RSI fails to maintain above 60 and volume tapers off. Investors should remain cautious as volatility remains elevated and any large-volume sell-off could trigger a reversal.