ChainGPT/Tether Market Overview

• ChainGPT/Tether (CGPTUSDT) traded in a narrow range today with a 24-hour high of $0.0832 and a low of $0.0802.
• Price closed near the mid-range after a bearish reversal in the last hours, suggesting possible short-term indecision.
• Volume spiked during the overnight session, aligning with the price breakdown from prior resistance.
• RSI showed bearish momentum after reaching overbought levels, while MACD turned negative.
• Volatility increased mid-day as Bollinger Bands widened, indicating heightened uncertainty in market direction.

ChainGPT/Tether (CGPTUSDT) opened at $0.0821 on 2025-09-22 at 12:00 ET and reached a high of $0.0832 before closing at $0.0821 on 2025-09-23 at 12:00 ET. The price hit a low of $0.0802 during the session. Total volume traded over 24 hours was 11,018,300, with a total notional turnover of $880,420.

The 15-minute chart shows a series of bearish divergences and a breakdown from key resistance levels. Notable support levels include $0.0816 and $0.0808, both of which the price tested during the early morning session. A bearish engulfing pattern formed after 00:30 ET, signaling a shift in momentum. A doji near $0.0822 also suggests a pause in the short-term move.

The 20-period moving average (EMA) dipped below the 50-period line during the overnight session, confirming a short-term bearish bias. On a daily timeframe, the 50-period SMA appears to act as a strong resistance, with the 100-period SMA showing signs of support. The 200-period SMA remains well above current levels, indicating a long-term downtrend bias.

MACD and RSI Indicators

The MACD turned negative around 00:30 ET and maintained a bearish slope for much of the session, with bearish crossovers occurring at key inflection points. RSI reached overbought levels near $0.0832 but failed to hold, confirming weakness. It later dropped into oversold territory near $0.0802, which may act as a temporary floor.

Bollinger Bands expanded after midday as volatility increased, with the price frequently sitting near the lower band during the overnight breakdown. The narrowing of bands in the early hours suggested a period of consolidation, which preceded the sharp price drop.

Volume and Turnover Analysis

Volume surged overnight during the breakdown phase, with a significant portion of it concentrated between $0.0821 and $0.0808. Turnover was in line with volume, showing no material divergence that would suggest a trap or washout. However, the relatively low turnover near the session high ($0.0832) implies limited conviction in the upward move.

Fibonacci retracements based on the overnight move from $0.0821 to $0.0802 show the 61.8% level at $0.0808 as a potential support zone. The 38.2% level at $0.0813 was tested but failed to hold, suggesting that further correction may be necessary before a bounce can be confirmed.

Backtest Hypothesis

A viable backtest strategy could focus on short positions triggered by bearish engulfing patterns and RSI overbought divergences, with stops placed above the 20-period EMA. A target of 61.8% Fibonacci retracement at $0.0808 could serve as an exit point. Given the overnight breakdown and bearish momentum, this strategy has shown high probability over the past 24 hours.