Market Overview: Gains Network/Tether (GNSUSDT) – 2025-10-03 12:00 ET

• GNSUSDT rose to 1.986 before retreating sharply to 1.905, forming a bearish reversal pattern late in the session.
• A key support at 1.903–1.905 held briefly but failed to trigger a rebound.
• RSI entered oversold territory, suggesting potential for a near-term bounce.
• Volume surged during the selloff, confirming bearish momentum.
• Bollinger Bands expanded as volatility spiked during the late-night sell-off.

At 12:00 ET on 2025-10-03, GNSUSDT opened at 1.926 (from 12:00 ET–1), traded between 1.88 and 1.986, and closed at 1.905. Total volume for the 24-hour period was 72,268.88, with a notional turnover of ~136,332.80 USD (assuming USD volume).

Structure & Formations

GNSUSDT formed a sharp bearish reversal pattern in the early morning, breaking through the 1.950 level and consolidating into a 1.903–1.905 support zone. A long upper shadow on the candle closing at 1.905 suggests rejection at this level. A notable bearish engulfing pattern appeared at the peak of the rally, confirming the shift in sentiment.

Moving Averages

On the 15-minute chart, the 20-EMA crossed below the 50-EMA, reinforcing a bearish bias. On the daily chart, price closed below the 50-day and 200-day EMAs, indicating a deteriorating trend.

MACD & RSI

The MACD line moved into negative territory, with the histogram diverging from the price action during the late sell-off. RSI dropped below 30 into oversold territory, suggesting a potential near-term bounce, though bearish momentum remains strong.

Bollinger Bands

Bollinger Bands expanded significantly during the selloff, indicating heightened volatility. Price closed near the lower band at 1.905, which could trigger a bounce, though a breakdown below 1.903 could extend the downward move.

Volume & Turnover

Volume spiked during the late-night sell-off, confirming bearish momentum. Notional turnover surged in the 09:00–11:30 ET timeframe, coinciding with the sharp decline to 1.88. No clear divergence was observed between price and volume, suggesting continued selling pressure.

Fibonacci Retracements

Fibonacci levels from the 1.986–1.905 swing suggest key support at 1.953 (38.2%) and 1.935 (61.8%). Price appears to have bounced off the 61.8% level during the late morning before resuming the decline, indicating these levels may provide short-term support or resistance.

Backtest Hypothesis

Given the recent bearish pattern and overbought condition in the RSI, a potential backtesting strategy could focus on short entries on a break of the 1.903 support, with a stop above 1.908 and a target at 1.895–1.890. A long bias could be considered if RSI closes above 40 and price breaks above the 1.908–1.910 resistance level, with a stop below 1.903. This strategy would align with the observed technical conditions and volatility patterns.