Market Overview: GoPlus Security/Tether (GPSUSDT) on 2025-10-11

• GPSUSDT dropped to 0.00875 before rebounding, testing 0.00884 as a key resistance.
• RSI dipped below 30, indicating oversold conditions, while volume spiked during the selloff.
• Bollinger Bands narrowed mid-day, suggesting a potential breakout or consolidation phase.
• A bullish engulfing pattern formed around 0.00875-0.00879, hinting at a short-term reversal.
• 20-period MA crossed below the 50-period MA, signaling a bearish bias in the short term.

GoPlus Security/Tether (GPSUSDT) opened at 0.01284 on 2025-10-10 at 16:00 ET and closed at 0.00879 on 2025-10-11 at 12:00 ET. The pair hit a high of 0.0131 and a low of 0.0050 during the 24-hour window. Total traded volume amounted to approximately 944,337,000.00, with a notional turnover of about 7,609,064.00, indicating heightened market activity and volatility.

Structure & Formations

The chart revealed a clear breakdown from a prior consolidation range, with strong selling pressure pushing GPSUSDT to a 24-hour low of 0.0050. Key support levels were identified around 0.00875 and 0.00865, both of which were tested and bounced off. A bullish engulfing pattern formed near the 0.00875 level, suggesting a potential reversal, though the bearish bias remains strong with the 50-period MA acting as resistance above the 0.00884 level. The formation of a doji around 0.00884 indicates indecision and a potential turning point.

Moving Averages

On the 15-minute chart, the 20-period MA crossed below the 50-period MA, confirming a bearish momentum. On the daily chart, the 50-period MA crossed below the 200-period MA, reinforcing a broader bearish trend. Prices have been trading below both key moving averages, indicating a continuation of the downtrend unless a strong reversal pattern forms and gains momentum.

MACD & RSI

The MACD line turned negative in the latter half of the 24-hour window, confirming the bearish momentum, while the histogram showed a consistent contraction in bullish momentum. RSI dipped below 30 early in the session, signaling oversold conditions, though it did not hold for long, as the pair continued lower. This suggests that while the market may be oversold, selling pressure remains strong enough to push prices further downward.

Bollinger Bands

Bollinger Bands constricted significantly mid-session, indicating a period of low volatility that preceded a sharp decline. Prices moved outside the lower band by the end of the session, suggesting heightened volatility and a continuation of the bearish trend. The narrowing bands suggest a potential breakout or breakdown is likely, depending on how the key support levels respond to the next price action.

Volume & Turnover

Volume surged during the sharp decline to the 0.0050 level, with a corresponding spike in notional turnover. This confirms the bearish move, as increased volume typically validates price action. A divergence between volume and price was observed in the last few hours, as prices began to stabilize and volume slowed, hinting that the selloff might be losing steam. However, this should be watched closely for confirmation of a reversal.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 15-minute swing from 0.01284 to 0.00879, the 38.2% level is at 0.01097, and the 61.8% level is at 0.01156. The price currently sits below the 61.8% level, suggesting a potential bounce could test the 0.01097 level as a near-term target. On the daily chart, the 50% retracement level is at 0.00906, a potential area of interest if the bearish trend reverses.

Backtest Hypothesis

Based on the observed technical setup, a potential backtesting strategy could involve a short bias on breaks below key support levels like 0.00865 or 0.00853, using stop-loss orders above major resistance like 0.00884 or 0.00891. A long bias may be considered on a confirmed bullish reversal pattern, such as a bullish engulfing or a doji forming near the 0.00875 level, with a target at the 0.01097 Fibonacci level. The strategy would aim to capture both continuation and reversal opportunities using a combination of price action, momentum indicators, and Fibonacci levels.