Market Overview for MultiversX/Tether (EGLDUSDT): Volatility and Divergence

Summary
• Price tested key resistance at $6.08, forming a bullish harami before a sharp decline to $5.94.
• RSI reached oversold territory below 30, suggesting potential for a short-term rebound.
• Volume spiked during the $5.94 low, but failed to confirm a strong reversal.
• Bollinger Bands expanded sharply during the sell-off, indicating increased volatility.
• Fibonacci levels at $6.02 and $6.08 appear to act as key dynamic support/resistance.

24-Hour Summary

MultiversX/Tether (EGLDUSDT) opened at $6.04 on 2026-01-15 at 12:00 ET, hitting a high of $6.12 and a low of $5.94 before closing at $5.94 on 2026-01-16 at 12:00 ET. Total volume traded over the 24-hour period was 118,503.73 EGLD, with a notional turnover of $715,318.41.

Structure and Momentum

The price formed several bearish patterns, including a dark cloud cover near $6.08 and a doji during the $6.03–$6.04 consolidation. The 20-period and 50-period moving averages on the 5-minute chart remained bearish, with price failing to close above the 50-period line. The RSI dropped to 28, signaling oversold conditions, but a potential reversal may require confirmation above the $6.01 Fibonacci retracement level.

Volatility and Volume

Bollinger Bands showed a significant expansion during the afternoon sell-off, as volatility surged after the 3:00 PM ET break. Volume spiked during the $5.94 low, but the price failed to close above key resistance, suggesting a lack of conviction. Turnover increased in line with price declines, but no clear divergence emerged between price and turnover to signal a major reversal.

Forward Outlook and Risk Consideration

EGLDUSDT appears to be consolidating around the $6.00–$6.03 range, with the 50-period moving average offering potential support. A sustained close above $6.08 could re-ignite bullish momentum, while a break below $5.94 may expose further downside. Investors should remain cautious for a potential short-term rebound, but bearish momentum remains intact. Risk of further volatility remains high in the next 24 hours.