Gains Network/Tether Market Overview for 2025-10-08

• GNSUSDT tested key support near 1.750 before rebounding, forming bullish reversal patterns.
• Momentum indicators suggest weakening bearish pressure but not yet overbought conditions.
• Volatility expanded during the overnight session, with volume surging in the 00:00–06:00 ET range.
• Price remains within a descending channel on the daily chart, with resistance near 1.782 intact.
• Fibonacci retracement levels at 38.2% (1.763) and 61.8% (1.775) have shown mixed price reactions.

Gains Network/Tether (GNSUSDT) opened at $1.773 on 2025-10-07 at 12:00 ET, reached a high of $1.788, and a low of $1.746 before closing at $1.767 at 12:00 ET on 2025-10-08. Total 24-hour volume was 63,669.39, with a turnover of $113,242.53. The price moved within a defined range, showing signs of consolidation after a volatile overnight phase.

Structure & Formations

The GNSUSDT pair tested a key support level near $1.750 overnight, forming a bullish reversal pattern with a long lower shadow and small body, signaling potential buying interest. A series of bearish engulfing patterns were observed early in the session, driving price toward this critical support. Later, a doji emerged near $1.767, suggesting indecision and a potential pause in the downward trend. Resistance at $1.775 and $1.782 held firm, with price bouncing off both levels multiple times. A clear descending channel on the daily chart remains relevant, with bearish bias intact.

Moving Averages and Momentum

On the 15-minute chart, the 20-period and 50-period moving averages are both bearish, with the 20SMA crossing below the 50SMA in a potential death cross pattern. The 50-period MA on the daily chart sits above the 100 and 200-period averages, maintaining a bearish trendline. The 15-minute RSI oscillated between 45 and 55, indicating neutral momentum, but has not entered overbought territory (above 70). The MACD line crossed the signal line twice overnight, with mixed divergences suggesting a continuation of the consolidation phase rather than a breakout.

Volatility and Volume

Volatility spiked overnight, particularly between 00:00–06:00 ET, when the Bollinger Bands widened significantly. Price traded near the lower band for much of the session before moving closer to the midline, indicating a possible return to equilibrium. The highest volume occurred in the 00:30–03:00 ET window, coinciding with the largest price swing between $1.746 and $1.768. Notional turnover also saw a sharp increase during this time, confirming the price action rather than diverging. The final hours of the day saw volume taper off, suggesting reduced short-term interest.

Fibonacci Retracements

Applying Fibonacci retracements to the overnight swing low at $1.746 and the previous high at $1.788, the 38.2% level at $1.763 and the 61.8% level at $1.775 acted as psychological support and resistance zones. Price bounced off $1.763 three times, indicating potential for a temporary base forming in that area. The 78.6% level at $1.782 also saw multiple rejections, reinforcing the idea of a ceiling for now.

Backtest Hypothesis

A potential backtest strategy involves entering long positions when price breaks above the 61.8% Fibonacci retracement level ($1.775), with a stop-loss placed below the 38.2% level ($1.763), and a take-profit at the nearest resistance at $1.782. This setup would aim to capture short-term bullish momentum while managing downside risk. Given the recent consolidation and multiple tests at the key Fibonacci levels, this strategy may provide actionable signals for traders anticipating a breakout. The MACD crossover and RSI neutrality also support testing this bias within a defined risk management framework.