Market Overview: GoPlus Security/Tether (GPSUSDT) – 2025-10-04

• GPSUSDT opened at 0.01246 and traded between 0.01244 and 0.01278, closing at 0.01194
• A sharp bearish reversal occurred from 0.01242 to 0.01193, with a large-volume candle at 0.01208
• Momentum indicators signal oversold conditions in late trading
• Bollinger Bands showed a moderate contraction near the session high
• 24-hour volume surged to ~30.1 million, but turnover fell due to price drop

The GoPlus Security/Tether pair (GPSUSDT) opened at 0.01246 on October 3, 2025, at 12:00 ET−1, reaching a high of 0.01278 and a low of 0.01157 before closing at 0.01194 on October 4, 12:00 ET. Total volume for the 24-hour period was 24,376,882.7 with a notional turnover that declined amid the bearish move, reflecting a mix of strong liquidity and price pressure.

Key support levels emerged around 0.01192–0.01193, where the price found temporary refuge after a sharp drop. Resistance is now likely clustered near 0.01215–0.01220. A long upper shadow on the candle at 0.01208 and a bearish engulfing pattern at 0.01242–0.01208 suggest a potential reversal, with bearish control consolidating in recent 15-minute bars. A doji formed around 0.01193, hinting at possible indecision among traders at the lower end of the range.

The 20-period and 50-period moving averages on the 15-minute chart crossed below the price, reinforcing the bearish trend. On the daily chart, the price is below all key moving averages (50, 100, 200), indicating a prolonged bear phase. The MACD line crossed below the signal line in the early part of the session, signaling a loss of bullish momentum. The RSI dropped below 30 in the late hours, indicating oversold conditions, but a bounce without a strong reversal is unlikely to offer reliable buy signals.

Bollinger Bands narrowed significantly during the late afternoon (ET), reaching a contraction near the session high, which is typically a precursor to a breakout. However, the price broke lower rather than higher, aligning with the bearish momentum. Price currently sits below the 20-period band, and if it closes below the lower band, it would validate a deeper correction. Volume surged near the peak at 0.01242, but notional turnover declined as price dropped, suggesting reduced conviction in the higher prices. The divergence between volume and price indicates the move higher was driven by large orders, while the subsequent sell-off is broad-based and more convincing.

Backtest Hypothesis

Applying a hypothetical strategy that triggers a short position when RSI falls below 30, MACD turns negative, and the price closes below the 20-period moving average, this setup would have entered a short at around 0.01242 during the afternoon. Stops could have been placed near the 15-minute swing high at 0.01252, with a target near 0.01193–0.01194. The move aligns with the observed bearish momentum and Fibonacci levels, where the 61.8% retracement of the 0.01242–0.01193 move would be near 0.01215, acting as an initial barrier.