ChainGPT/Tether USDt (CGPTUSDT) Market Overview

• Price formed a bullish recovery from 0.0761 to 0.0780 amid high volatility.
• RSI suggested overbought levels at 70+, while MACD confirmed bullish momentum.
• Volume surged during the 21:30–22:00 ET window, supporting the price breakout.
• Bollinger Bands showed a widening, indicating increased market uncertainty.
• Key support appears near 0.0761–0.0765 and resistance at 0.0777–0.0780.

ChainGPT/Tether USDt (CGPTUSDT) opened at 0.0766 at 12:00 ET-1 and traded between 0.0761 and 0.0780 over the 24-hour period, closing at 0.0776 at 12:00 ET. Total trading volume reached 1.71 million and turnover hit $128,529. The price showed a strong midday rally, particularly from 21:30 to 23:00 ET, with a key breakout above prior resistance levels.

Structure & Formations

The candlestick pattern over the last 24 hours showed a clear bearish-to-bullish reversal with a strong bullish harami at 21:45 ET and a bullish engulfing pattern between 21:30 and 21:45 ET. A key support level was identified at 0.0761–0.0765, where the price found strong buying interest multiple times. Resistance levels formed at 0.0772–0.0775 and then 0.0777–0.0780. A doji at 04:30 ET signaled indecision, possibly ahead of a reversal.

Moving Averages

On the 15-minute chart, the 20SMA (0.0768) and 50SMA (0.0771) showed a bullish crossover, confirming the recent rally. On the daily chart, the 50DMA and 200DMA are in a bullish alignment, with price above both, indicating a continuation of the bullish trend. The 100DMA (0.0766) acted as a support zone in the early hours, holding the price from falling below that level.

MACD & RSI

The MACD turned positive after 21:30 ET, with the signal line crossing above and forming a bullish divergence with price. RSI reached overbought levels above 70 at 21:45 ET and 00:15 ET, suggesting potential pullbacks. However, volume supported these moves, reducing bearish probability. RSI has since corrected back to 62–66, indicating sustained momentum.

Bollinger Bands

Volatility increased significantly from 21:30 to 00:30 ET, with the bands widening. Price tested the upper band at 0.0780 and bounced back, indicating that the move was supported by volume. The lower band acted as a support near 0.0761–0.0765, where the price found buyers during the 4:45–5:00 ET period.

Volume & Turnover

Volume spiked during the 21:30–22:30 ET period, with the highest volume recorded at 21:30 ET (349,274 units), supporting the breakout above 0.0777. Notional turnover aligned with volume, confirming the bullish bias. Divergences were minimal, suggesting strong alignment between price action and order flow.

Fibonacci Retracements

A key retracement level of 0.0772 (61.8%) acted as resistance and was tested twice, with the price breaking through on the second attempt. The 38.2% level at 0.0775 also held briefly before a push higher. These levels align with key moving averages, reinforcing their significance.

Backtest Hypothesis

A backtesting strategy could leverage the 20SMA and RSI crossover for entry signals, combined with Fibonacci retracement levels for exits. For instance, entering long when RSI dips below 50 and 20SMA crosses above 50SMA may capture the early bullish momentum. Exit at the 61.8% retracement (0.0772–0.0777) with a stop-loss below 0.0761. This approach appears to align with the observed price behavior and could yield positive risk/reward during similar price patterns.