ChainGPT/Tether Market Overview

Summary
• Price action shows a bullish bias in late ET with a sharp rebound from 0.0461 to 0.0479.
• RSI hit oversold levels early before rebounding, suggesting potential for short-term consolidation.
• Volume spiked during key 18:45–20:45 ET range, confirming momentum during critical price levels.
• Bollinger Bands show price hovering near the upper band in the final hours, indicating tightening volatility.
• A descending wedge pattern formed during 19:30–22:00 ET, which could resolve with a bullish breakout.

ChainGPT/Tether (CGPTUSDT) opened at 0.0468 at 12:00 ET–1 and reached a high of 0.0479 before settling at 0.0473 at 12:00 ET. The 24-hour volume totaled 21,967,574.5 units with a turnover of $1,038,943.89. The pair displayed moderate volatility with distinct accumulation phases in late ET hours.

The 15-minute chart revealed multiple key support and resistance levels throughout the day. A strong support cluster emerged between 0.0461 and 0.0465, successfully tested three times with increasing buying pressure each time. Resistance formed around 0.0473–0.0475, which stalled price action on two occasions. A bullish engulfing pattern emerged around 19:00–19:15 ET, followed by a doji at 20:00–20:15 ET, signaling indecision and potential exhaustion of bearish pressure.

Moving averages showed CGPTUSDT trading above both the 20- and 50-period moving averages on the 15-minute chart for most of the session, indicating a short-term bullish trend. On the daily timeframe, price held above the 50- and 100-period moving averages but showed signs of weakening against the 200-period line, suggesting a mixed medium-term outlook.

MACD remained in bullish territory for most of the session, with a positive histogram and a crossover to the upside at 19:45–20:00 ET. RSI fluctuated between overbought and oversold levels, reaching a low of 28 before rebounding to 52 by the close. Bollinger Bands narrowed during 20:45–21:45 ET before expanding with a sharp move up, indicating a potential shift in volatility.

Volume and turnover data showed notable spikes during the 18:45–19:00 and 20:00–20:45 ET windows, aligning with key price swings. A divergence between price and volume was observed during the 19:30–20:00 ET phase, where volume declined despite a price rebound, suggesting weaker conviction in the upside.

Fibonacci retracement levels applied to the 18:45–20:45 ET swing showed price consolidating around the 61.8% level, acting as a key pivot. This area now appears critical for near-term direction, with a break above 0.0476 potentially targeting 0.0479, and a retest of 0.0468 likely if the 61.8% level fails.

Backtest Hypothesis
The strategy of buying CGPTUSDT when RSI falls below 30 and holding for three days appears to have worked to some extent during the session. An oversold RSI at 28 early in the session preceded a strong rebound, aligning with the strategy’s entry signal. However, the recent divergence in volume and the narrowing Bollinger Bands suggest that this strategy may not be as reliable in the current high-volatility environment. While the pattern showed promise in prior months, it comes with a notable downside risk and should be used in combination with other signals for better accuracy.