GoPlus Security/Tether Market Overview: GPSUSDT

• GPSUSDT fell 1.03% over 24 hours, closing at 0.01031 after opening at 0.01041.
• A bearish trend with multiple lower closes and a key support at 0.01015 was tested.
• RSI dropped below 30, indicating potential oversold conditions.
• Volatility remained subdued, with Bollinger Bands showing a narrowing phase.
• Volume spiked in the late afternoon (ET), signaling increased bearish activity.

GoPlus Security/Tether (GPSUSDT) opened at 0.01041 at 12:00 ET on September 25 and closed at 0.01031 as of 12:00 ET on September 26. The pair touched a 24-hour high of 0.01072 and a low of 0.01003. Total volume for the 24-hour window amounted to 67,919,035.7, with a notional turnover of approximately $699,000.

Over the past day, GPSUSDT displayed a bearish bias marked by a descending channel and key support levels being tested. The 15-minute chart revealed bearish engulfing patterns in the early afternoon and a long lower shadow at the end of the session, suggesting buyers may be stepping in near critical support levels. Resistance at 0.0104–0.0105 remains intact, with prices showing reluctance to break above this level.

The 20-period and 50-period moving averages on the 15-minute chart have both drifted lower, reinforcing the bearish momentum. On the daily chart, the 50-period MA is above the 100- and 200-period MAs, indicating a potential medium-term bearish bias. However, the MACD has begun to narrow, hinting at weakening bearish momentum.

The RSI has dipped below 30, signaling an oversold condition, although it has yet to trigger a strong reversal. Bollinger Bands have narrowed significantly, suggesting a potential break in the current range. Prices are currently hovering near the lower band, with a bounce expected if the key support at 0.01015 holds. The volume profile shows increased selling pressure in the late afternoon, but a lack of follow-through in the early morning suggests caution among traders.

Fibonacci retracement levels on the 15-minute chart show that prices have corrected 61.8% from the recent high at 0.01072 to the low at 0.01003. This aligns with the 0.01015–0.01017 area, reinforcing its significance as a potential turning point. Daily-level retracements suggest that 0.01035 and 0.01055 could serve as psychological targets for a potential rebound.

Looking ahead, the immediate price action will likely hinge on whether buyers can defend the 0.01015–0.01017 support zone. A break below this level could lead to a test of the 0.01003 low, while a reversal above 0.0104 may attract short-covering interest. Investors should also watch for any divergence between RSI and price, which could signal a shift in momentum. Given the mixed technical signals, a cautious approach is warranted.

Backtest Hypothesis

A backtesting strategy could be designed to capitalize on the oversold RSI condition and the key Fibonacci support levels. For example, a long entry could be triggered if the RSI recovers above 35 while prices close above the 0.01015–0.01017 zone. A stop-loss could be placed just below 0.01010, with a take-profit target aligned with the 50-period MA on the 15-minute chart. The MACD line crossing above the signal line would confirm the bullish bias. This strategy could be backtested over the past 30 days using historical GPSUSDT data to assess its viability and optimize entry/exit parameters.