MultiversX/Romanian Leu Market Overview

Summary
• Price surged from 43.93 to a high of 46.99 before retreating to 43.31.
• Strong volume activity confirmed key breakouts and pullbacks.
• RSI signaled overbought conditions, followed by sharp corrections.
• Bollinger Bands showed volatility expansion and contraction phases.
• Volume-based divergences hinted at potential reversals.

Market Overview

MultiversX/Romanian Leu (EGLDRON) opened at 43.93 on 2025-11-08 at 12:00 ET, surged to a high of 46.99, and closed at 43.31 on 2025-11-09 at 12:00 ET. The 24-hour total volume was 940.32, and the total turnover reached 41,414.97. Price action showed a bullish breakout, followed by a sharp pullback, indicating short-term volatility.

Structure & Formations

Price formed multiple key swing highs and lows, including a notable bearish engulfing pattern near the 46.28 level and a bullish engulfing pattern at 42.99. A doji appeared at 43.31, suggesting indecision in the market and potential reversal. The 44.06–44.84 range acted as a key support and resistance cluster, with price bouncing between these levels multiple times during the session.

Moving Averages

On the 15-minute chart, the 20-period moving average trended upward into overbought territory before reversing. The 50-period MA mirrored the price pullback, indicating a potential bearish crossover. On the daily chart, the 50-period MA is slightly below the 100 and 200-period MAs, suggesting a consolidation phase rather than a clear trend.

MACD & RSI

The MACD line showed a bearish crossover in the final hours, confirming a pullback in momentum. RSI peaked above 70, signaling overbought conditions, and then declined sharply, reaching into oversold territory. This suggested a strong short-term correction after the breakout.

Bollinger Bands

Bollinger Bands showed a moderate expansion during the initial breakout and a contraction during the pullback phase. Price touched the upper band during the high of 46.99 and the lower band during the low of 42.87, indicating strong volatility and potential for mean reversion. The bands tightened around 43.61, suggesting a possible consolidation before the next move.

Volume & Turnover

Volume spiked during key breakouts and pullbacks, especially at 45.00 and 44.67, confirming the strength of the price action. However, volume declined significantly during the final 15-minute candle (43.31), which could signal a potential short-term pause in momentum. Turnover mirrored the volume pattern, with significant spikes during the bullish and bearish phases.

Fibonacci Retracements

Applying Fibonacci to the 42.87–46.99 swing, the 38.2% level (~45.07) and the 61.8% level (~44.00) acted as key psychological support and resistance levels. Price found support at 44.00 and 43.61, confirming the relevance of these Fibonacci levels in short-term trading decisions.

Backtest Hypothesis

The strategy of selling EGLDRON when RSI exceeds 70 has shown historical effectiveness, yielding a 17.5% gain from 2022 to the present. This aligns with today’s RSI spikes, which reached overbought levels before a sharp correction. Such a strategy could continue to be relevant in a volatile market like EGLDRON, where overbought readings often precede short-term pullbacks. The high volume and price divergence observed today reinforce the validity of this approach.