Market Overview for Gains Network/Tether (GNSUSDT): 2025-10-29

• GNSUSDT consolidates near 1.465, with bearish pressure after a strong engulfing decline into the 1.445–1.455 range.
• Daily low at 1.445 may act as short-term support, with RSI showing oversold conditions below 30.
• Volatility remains elevated due to the large-volume selloff in early hours, but price shows tentative recovery.
• Bollinger Bands contract mid-day, suggesting potential for a breakout or continuation of the trend.
• MACD negative divergence suggests momentum may ease, but volume supports bearish continuation for now.

24-Hour Price and Volume Summary

Gains Network/Tether (GNSUSDT) opened at 1.483 on October 28 at 12:00 ET, reached a high of 1.495 and a low of 1.445, and closed at 1.448 as of October 29 at 12:00 ET. Over the 24-hour period, the total traded volume was 43,418.94, and the notional turnover amounted to approximately 64,380.16 (assuming GNSUSDT price as a proxy). The pair has shown a bearish bias, with a large-volume sell-off occurring in the early hours.

Structure & Formations

The 24-hour chart for GNSUSDT displays a strong bearish engulfing pattern, particularly between 16:00 and 19:30 ET. The price fell sharply from 1.495 to 1.445, with a significant volume spike in early hours. Notable support levels include 1.445–1.455, where the price has tested and bounced slightly. Resistance appears at 1.465–1.475, which has been a minor ceiling for the past few hours. The formation suggests a possible continuation of the bearish trend, although a bounce from support may offer short-term buying opportunities.

Moving Averages and Momentum Indicators

On the 15-minute chart, GNSUSDT is below both the 20-period and 50-period moving averages, indicating a short-term bearish bias. The 50-period MA is around 1.468, and the 20-period MA at 1.462. On the daily chart, the 50-day MA is approximately 1.469, the 100-day MA at 1.472, and the 200-day MA near 1.476, all of which sit above current price levels. The RSI has dipped below 30, indicating oversold conditions, but the MACD remains negative with a bearish histogram, suggesting that the bearish momentum is still intact.

Bollinger Bands and Volatility

Bollinger Bands show a notable contraction during the midday hours, with the price hovering around the middle band. This suggests a potential for increased volatility in the near term. The lower band is at approximately 1.442, while the upper band is near 1.476. The recent price action is largely contained within the bands, indicating a relatively controlled move. However, the large volume selloff early in the session may signal a breakout attempt from this consolidation.

Volume and Turnover

The highest trading volume occurred during the early hours, with a massive 6,545.78 volume at 20:15 ET as the price fell to 1.459. The volume and turnover were positively correlated with the price decline, which adds credibility to the bearish move. However, in the later hours, as price showed signs of recovery, volume dropped off, indicating reduced conviction in the short-term bounce. Any continuation of the bearish trend will likely require renewed volume support.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 15-minute swing from 1.495 to 1.445, the 38.2% level is around 1.469, and the 61.8% level is near 1.458. The price currently sits at 1.448, just below the 61.8% level, suggesting that the bearish move has momentum to test 1.442. On the daily chart, retracements from the recent high to low show the 38.2% level at 1.469 and the 61.8% level at 1.453, which align with the 15-minute levels. This reinforces the likelihood of further bearish continuation unless the price can break above 1.465 with strong volume.

Backtest Hypothesis

To evaluate the potential profitability of a short-term bearish strategy, a backtest is proposed using the identified 15-minute bearish engulfing patterns. The signal would trigger a short entry at the open of the following day (00:00 UTC), with a stop-loss and take-profit not in play, and the position closed at the end of the same 24-hour period. The MACD and RSI divergence observed in this period suggests momentum may not be sufficient for a strong reversal, supporting the potential for a bearish outcome in the short term.