GoPlus Security/Tether (GPSUSDT) Market Overview

• GPSUSDT rose from 0.01016 to 0.01054 in 24 hours, showing a strong upward bias.
• A bullish engulfing pattern formed near 0.0103–0.0104, indicating potential continuation.
• Volatility increased mid-session, with volume peaking at 1.85M and turnover surging near 0.0105.
• RSI shows overbought conditions, suggesting caution on further immediate gains.
• Bollinger Bands widened, signaling increased short-term uncertainty and potential breakouts.

The GPSUSDT pair opened at 0.01016 on September 26 at 12:00 ET and closed at 0.01054 by the same time on September 27, reaching a high of 0.01056 and a low of 0.01007. Over the 24-hour period, total volume reached 15.18 million, and notional turnover hit approximately $1.59 million, with heightened activity during the Asian and European sessions.

Key structural levels to watch include strong support near 0.01016–0.0102 and emerging resistance at 0.01044–0.01046. A large bullish engulfing pattern formed around 0.0103–0.0104, suggesting strong buying pressure. Additionally, a doji near 0.01027 signaled indecision and possible consolidation. On the 20-period and 50-period moving averages (15-minute chart), price remained well above both, confirming the bullish bias. For daily timeframes, price holds above 50-period and 100-period MAs, suggesting a longer-term bullish trend could continue.

MACD remains in positive territory with a narrowing histogram, indicating that the upward momentum is slowing, potentially leading to a consolidation phase. RSI hit overbought territory, nearing 70, which may signal a near-term pullback. Bollinger Bands have widened, reflecting increased volatility, and price currently sits near the upper band, hinting at a potential reversal or continuation depending on the volume context.

Notional turnover spiked during mid-morning Asian and early European hours, aligning with key price highs above 0.01033–0.01041. Volume confirmed the bullish breakouts, particularly between 0.01036–0.01046. However, price and volume divergence is visible in the late European session, with volume tapering off as price rose near 0.0105, suggesting caution ahead.

Fibonacci retracement levels from the key swing low at 0.01007 and swing high at 0.01044 show 38.2% at 0.01023 and 61.8% at 0.01035. Price is currently above both, indicating that a test of 0.01044–0.01046 could be the next target. A breakdown below 0.01032 may invalidate the near-term bullish case and target a retest of 0.01025–0.01027.

Looking ahead, GPSUSDT could see a continuation of the upward trend if it holds above 0.01035 with follow-through volume. However, a pullback to test 0.0103–0.01032 may be imminent as RSI overbought conditions persist. Investors should watch for a potential bearish reversal if price closes below the 50-period MA or if a bullish divergence forms in RSI without corresponding volume.

Backtest Hypothesis

A potential backtesting strategy involves entering long positions on GPSUSDT when price breaks above a 50-period EMA (15-minute chart) and RSI dips below 30, followed by a stop loss at the most recent swing low. This strategy would aim to capitalize on bullish momentum while using RSI to filter for oversold entry points. Over the last 24 hours, such a signal would have occurred near 0.01025–0.0103, aligning with the bullish engulfing pattern and confirming the trend continuation. A trailing stop could be placed at the nearest Fibonacci level (0.01032–0.01035), aiming for a target at 0.01044–0.01046. If tested successfully, this approach could be backtested further on historical data for robustness.