Market Overview: GoPlus Security/Tether (GPSUSDT) 24-Hour Technical Summary

• Price closed lower at 0.00813 after a sharp selloff late in the session.
• Volume surged in the 20:00–22:00 ET range but failed to support a bullish breakout.
• RSI and MACD signaled bearish momentum, with price testing a key support level at 0.00808.
• Bollinger Bands showed a recent expansion, highlighting increased volatility.
• Turnover divergence between 0.00808 and 0.00813 suggests short-term consolidation ahead.

GoPlus Security/Tether (GPSUSDT) opened at 0.00819 on October 28 at 12:00 ET, hit a high of 0.00836, and a low of 0.00777, before closing at 0.00813 on October 29 at 12:00 ET. Total volume was 113,297,100.7 units, with a notional turnover of approximately $918,122 (at 0.00813). The pair displayed a volatile 24-hour range amid diverging momentum indicators and key support retests.

The structure of the candlestick chart reveals a bearish bias, particularly in the afternoon and early evening hours. A significant drop from 0.00829 to 0.00795 between 20:00 and 22:00 ET marked a critical breakdown, with a large bearish candle forming at the 20:30–20:45 ET timeframe. A doji at 0.00804 in the same window signaled indecision. The price later consolidated near 0.00808–0.00813, with 0.00813 acting as a temporary floor. The 20-period and 50-period moving averages on the 15-minute chart crossed below price, reinforcing the short-term bearish sentiment.

Momentum indicators like MACD turned negative late in the session, with the histogram showing a bearish divergence. RSI dipped into oversold territory (below 30) near the 0.00804 level but failed to trigger a sustained bounce. This suggests potential exhaustion in the downtrend, yet without a clear reversal pattern, the market may remain range-bound. Bollinger Bands widened significantly during the selloff, with the price touching the lower band at 0.00777 before retracting, indicating a period of high volatility.

Volume spiked sharply between 20:00 and 22:00 ET, with over 12.4 million units traded during the critical breakdown from 0.00829 to 0.00795. However, as the price rebounded into 0.00808–0.00813, volume tailed off, indicating a lack of conviction in the short-term bounce. This volume divergence could be a warning sign of a potential false recovery. Fibonacci retracement levels at 0.00809 (38.2%) and 0.00815 (61.8%) are currently acting as key support and resistance, respectively, with the market consolidating near the 61.8% level. Investors should monitor these levels for a potential breakout or breakdown.

The backtest hypothesis under consideration involves identifying divergences in the RSI and MACD during sharp price corrections, similar to the selloff observed in the 20:00–22:00 ET timeframe. The strategy would look to enter short positions when these indicators confirm bearish momentum while price breaks key support levels, such as 0.00808 in this case. A long bias would be considered if RSI shows a bullish divergence and price retests 0.00813 with increasing volume. This approach would align well with the observed behavior of GPSUSDT, particularly in volatile periods where momentum and volume signals diverge.