Gnosis/Tether Market Overview

Summary
• GNOUSDT surged to a 24-hour high of $140.98 before retreating to close near $124.01.
• Price exhibited a strong bullish thrust in midday, followed by a sharp correction.
• Turnover spiked significantly during the rally, indicating heightened investor activity.

Gnosis/Tether (GNOUSDT) opened at $123.43 on 2025-11-09 at 12:00 ET and reached a high of $140.98, before closing at $124.01 at 12:00 ET the following day. The pair traded between $122.96 and $140.98, with a total volume of 3,797.19 GNO and a notional turnover of $479,607.33. The price action reflected a volatile session, driven by sharp swings in midday and a large-volume candle at 15:15 ET indicating a potential reversal point.

Structure & Formations

Price formed a bullish engulfing pattern during the midday rally and a bearish continuation pattern after a large-volume candle at 15:15 ET. Resistance levels were evident around $128.00 and $130.00, with strong support emerging near $125.00 and $124.00. A doji formed near the session's close, suggesting indecision among traders.

Moving Averages

On the 15-minute chart, the 20-period moving average crossed above the 50-period line (a bullish "Golden Cross") in the early afternoon, reinforcing short-term momentum. The daily MA lines suggest a more neutral stance, with no clear trend formation visible at the end of the 24-hour period.

MACD & RSI

The MACD line crossed above the signal line during the bullish thrust, with a positive histogram indicating strong momentum. RSI climbed above 70 during the high-volume rally, signaling overbought conditions. This was followed by a sharp drop in RSI, hinting at a potential near-term correction.

Bollinger Bands

Price traded at the upper Bollinger Band for much of the afternoon, reaching the extreme of the daily range before pulling back sharply. This suggests a period of high volatility and potential exhaustion of buyers during the peak. The narrowing of the bands earlier in the session indicated a contraction in volatility, which expanded as the rally took hold.

Volume & Turnover

Volume was highly concentrated in the midday rally and during the large-volume candle at 15:15 ET. The peak turnover occurred during this candle, with 1,168.56 GNO traded at an average price of $124.94. Price and turnover aligned well during the rally, confirming the move. The divergence in the late session suggests weakening bullish conviction.

Fibonacci Retracements

The 61.8% Fibonacci retracement level of the morning rally was tested around $127.00, where price stalled before dropping. The 38.2% retracement level held during the late afternoon, indicating a key support band near $125.00, which may hold in the near term.

Backtest Hypothesis

A potential backtesting strategy could leverage the observed RSI overbought condition at 140.98 and the divergence between price and volume in the final hour. Using a 14-period RSI, an overbought threshold of 70 could have generated an exit signal. A trade entered at the high and exited at the close of the 15:15 ET candle would have captured 12.9% profit. For a more conservative approach, a 50/20 MA crossover could serve as an entry confirmation. A 5-day hold after a signal day could further refine the strategy.