GMT/Tether Market Overview for 24-Hour Cycle

• GMTUSDT traded in a 24-hour range of $0.0368–$0.0390, ending near mid-range with mixed momentum.
• Volatility rose midday before contracting again; volume was highest during early afternoon and evening.
• RSI and MACD showed no strong overbought/oversold signals but hinted at weakening bullish momentum.
• A key 15-minute bullish engulfing pattern formed at $0.0380–$0.0381 but failed to hold through the session.
• Fibonacci retracement levels at $0.0376 and $0.0384 acted as temporary support and resistance.

GMT/Tether (GMTUSDT) opened at $0.0380 at 12:00 ET – 1 and reached a high of $0.0390 before settling at $0.0376 at 12:00 ET the same day. Total volume for the 24-hour period was approximately 29.9 million, while notional turnover stood at $934,000. Price action showed a strong bearish shift in the late hours of October 8, followed by consolidation and a modest rebound in the early hours of October 9.

Structure & Formations

GMTUSDT formed a clear 15-minute bullish engulfing pattern at $0.0380–$0.0381, suggesting potential short-term buying interest. However, this pattern was later negated by a bearish reversal during the 18:00–19:00 ET window, with price dropping below key support at $0.0385. A doji formed near $0.0387 late in the session, indicating indecision. Key support levels identified include $0.0376 and $0.0373, both tested during the early morning hours. Resistance remains at $0.0384 and $0.0388, with mixed candlestick activity suggesting no firm breakout.

Moving Averages

On the 15-minute chart, price moved above the 20-period moving average but remained below the 50-period line for most of the session, signaling mixed near-term sentiment. The 50-period line sat around $0.0384, aligning with a key retracement level. On the daily chart, the 50, 100, and 200-period moving averages all remained in a bullish alignment, with the 200-period line sitting near $0.0375, indicating a potential long-term floor for the asset.

MACD & RSI

MACD lines showed a bearish crossover in the early evening, supporting the late sell-off. RSI dipped below 50 during the session low, indicating bearish pressure, but later recovered slightly to hover near 50 by the close. Neither indicator reached overbought or oversold levels, suggesting the market remained within a balanced range. The MACD histogram showed a mild contraction in bullish momentum during the late session, reinforcing the bearish bias.

Bollinger Bands

Volatility remained relatively stable with a slight expansion in the early morning hours of October 9. Price hovered near the lower band between $0.0374 and $0.0376, suggesting oversold conditions. A brief contraction of the bands occurred around $0.0384–$0.0386 during the afternoon, indicating a potential reversal point. By the close, price had settled near the lower half of the bands, suggesting bearish pressure.

Volume & Turnover

Volume spiked in two key clusters: first during the 17:30–19:30 ET window and again in the 02:30–04:00 ET timeframe. These periods correlated with significant price movements—namely, the bearish breakdown and subsequent morning consolidation. Notional turnover mirrored volume patterns, with a notable divergence observed as price dropped below $0.0380 while turnover remained stable—suggesting a weakening of conviction in the bearish move.

Fibonacci Retracements

Fibonacci levels on the 15-minute chart played a notable role in defining key pivots. A 61.8% retracement level at $0.0384 acted as resistance, while the 38.2% level at $0.0376 provided support. Price action during the morning consolidation showed a test of both levels without clear breakouts. On the daily chart, a key 61.8% retracement at $0.0375 acted as a potential floor, with price settling just above this level by the end of the session.

Backtest Hypothesis

A potential backtesting strategy could focus on short-term mean reversion within the 15-minute timeframe. A hypothetical long entry could be triggered after a bullish engulfing pattern forms and price retests key Fibonacci support levels, with stop-loss placed slightly below confirmed resistance. Conversely, a short setup may be considered when price breaks below a strong 15-minute support level with a bearish confirmation candle. Momentum indicators like RSI and MACD could be used to filter trades and confirm the strength of the signal. Given the mixed volatility and volume patterns observed today, this strategy would benefit from tighter risk management and confirmation rules to avoid false signals.