Gains Network/Tether Market Overview

• Price for GNSUSDT opened at 1.474 and reached a high of 1.516 before closing at 1.490.
• Strong bullish momentum emerged in the overnight session, followed by consolidation and profit-taking.
• Volume surged during key price moves, with divergence seen in the afternoon ET session.
• RSI approached overbought territory, while MACD signaled mixed momentum across the day.
• Bollinger Bands expanded during the early morning, showing increased volatility and range-bound consolidation later.

Gains Network/Tether (GNSUSDT) opened at 1.474 on October 26 at 12:00 ET and closed at 1.490 on October 27 at 12:00 ET. The pair reached a high of 1.516 and a low of 1.462 during the 24-hour period. Total volume amounted to approximately 219,235.39 units, with a notional turnover of $328,412.95 (based on cumulative amount in USD).

The 15-minute chart displayed a clear bullish breakout in the early hours of October 27, with a strong candle forming between 01:30 and 01:45 ET (1.502–1.514). Price then moved into consolidation during the day, with bearish pressure evident in the afternoon as it pulled back to 1.481. A key support level appears to have formed around 1.480–1.485, which was tested multiple times without breaking. A doji formed at 05:45 ET (1.501), signaling potential indecision in the market, while a large bearish candle at 02:30–02:45 ET (1.510–1.499) suggests profit-taking and short-term bearish sentiment.

Structure & Formations

The chart pattern revealed a strong bullish bias in the early morning session, followed by a period of bearish consolidation. A key support level appears to have formed around 1.480–1.485, with the 1.500–1.505 range acting as a resistance zone. A morning breakout candle and a bearish engulfing candle in the afternoon suggest a tug-of-war between bulls and bears, with the market failing to sustain a breakout above 1.505.

Moving Averages

On the 15-minute timeframe, the 20-period and 50-period moving averages crossed during the overnight rally, confirming a bullish bias early in the session. However, as the day progressed, the 50-period line began to flatten and pull back slightly. On the daily chart, the 50-period MA currently sits at around 1.480, with the 100-period and 200-period lines offering potential support at 1.478 and 1.475, respectively.

MACD & RSI

The MACD crossed into positive territory during the overnight rally, confirming the bullish momentum, but it began to diverge in the afternoon as price declined. RSI moved into overbought territory (above 70) during the early morning, then pulled back to neutral territory (around 55) by midday, indicating a balanced market. The divergence between price and RSI suggests potential for further consolidation or a short-term correction.

Bollinger Bands

Bollinger Bands expanded significantly during the early morning rally, indicating heightened volatility. Price stayed well above the middle band during this period but fell back inside the bands by midday. The bands began to contract in the late afternoon and early evening, suggesting a potential period of range-bound trading ahead.

Volume & TurnoverVolume spiked during the early morning breakout and again in the afternoon pullback. A large spike at 01:30–01:45 ET (volume: 1971.72) confirmed the strength of the bullish move. However, the afternoon volume (peaking at 2175.34 at 03:45 ET) failed to confirm a strong bearish reversal, indicating mixed sentiment. Notional turnover spiked during key price moves, with divergence noted between volume and price action in the afternoon session.

Fibonacci Retracements

Applying Fibonacci to the overnight rally from 1.466 to 1.516, the 61.8% retracement level sits at approximately 1.495, which aligns with the 1.500–1.505 resistance zone. The 38.2% retracement level is at 1.487, which appears to have been a temporary support and resistance point during the afternoon. On the daily chart, the 50% retracement level of a larger move aligns with the 1.480–1.485 zone, reinforcing the potential significance of this area.

Backtest Hypothesis

Given the strong overnight rally and subsequent consolidation, a backtesting strategy could focus on entering long positions during confirmed breakouts above the 1.505 resistance level with a stop-loss just below 1.492. A target for this setup could be placed at the 1.516 high from the previous day, aligning with the 61.8% Fibonacci retracement level. Alternatively, short positions could be considered during retests of the 1.485 support, with a stop-loss above 1.490. The key would be to confirm the setup with price action (e.g., bullish/bearish engulfing) and divergences in the RSI or MACD.