Market Overview for Gains Network/Tether

Summary
• Price declined from 1.03 to 1.003 over 24 hours, forming a bearish engulfing pattern.
• Volume spiked at 05:15 ET with a 24,333.20-unit trade, but failed to break higher.
• RSI approached oversold territory, suggesting potential short-term bounce.
• Bollinger Bands widened after early consolidation, reflecting increased volatility.
• Fibonacci levels at 1.006 and 1.013 acted as strong immediate resistances and supports.

GNSUSDT opened at 1.024 on 2026-01-17 at 12:00 ET, reached a high of 1.031, and closed at 1.003 on 2026-01-18 at 12:00 ET. Total volume over 24 hours was 143,902.66, with a notional turnover of 144,043.18.

Structure & Formations

Price action displayed a bearish bias with a key bearish engulfing pattern forming at 17:00–17:15 ET (1.024 to 1.029), followed by a decisive break of support at 1.006. A doji appeared near 1.003 on the final candle, signaling potential indecision or a short-term pause in the decline. Immediate support levels at 1.002 and 0.999 were tested multiple times, while 1.006 acted as a strong resistance.

Moving Averages

Short-term 20- and 50-period 5-minute moving averages remained bearishly aligned, consistently below the price.

On a daily chart, the 50-period line is near 1.025, suggesting a broader bearish trend.

Momentum and Volatility

MACD showed bearish divergence with a negative histogram, confirming the downward bias. RSI bottomed near 30, hinting at potential oversold bounce. Bollinger Bands expanded after an early consolidation phase, indicating rising volatility.

Volume and Turnover

Volume spiked at 05:15 ET with a 24,333.20 trade, but the price failed to follow through above 1.006. Turnover mirrored volume surges but declined significantly after 07:00 ET. A divergence between price and volume in the late session suggests weakening bearish conviction.

Fibonacci Retracements

Key Fibonacci levels from the 1.023 to 1.031 swing (38.2% at 1.027, 61.8% at 1.018) acted as resistance and support. The 61.8% level at 1.018 may offer a near-term retest point if a rebound materializes.

Over the next 24 hours, a test of 1.006 and 1.013 may provide clarity on whether the bearish trend consolidates or reverses. Investors should watch for a potential bounce but remain cautious as volatility remains elevated and directional momentum is bearish.