Summary
• Price rose from 1.237 to 1.261, with 1.264 as the daily high and 1.22 as the low.
• Strong volume in the final 5-minute candle confirms the bullish breakout.
• RSI suggests moderate momentum, while Bollinger Bands widen, indicating rising volatility.
Gains Network/Tether (GNSUSDT) opened at 1.237 at 12:00 ET-1, reached a high of 1.268, and closed at 1.261 at 12:00 ET, with a 24-hour low of 1.22. Total volume was 99,378.83, and notional turnover amounted to $123,851.
Structure & Formations
Price formed a bullish breakout pattern, supported by a strong 5-minute candle that closed at 1.261 near the upper Bollinger Band.
A potential support level appears at 1.246, where a bullish engulfing pattern emerged earlier in the session. A key resistance level is now at 1.264, where the price briefly touched during the close.
Moving Averages
On the 5-minute chart, the 20-period moving average crossed above the 50-period line, confirming a short-term bullish bias. On the daily timeframe, the 50-period MA is approaching the 100-period MA, suggesting the pair may test for a potential golden cross in the next 24 hours.
MACD & RSI
MACD showed a positive divergence in the latter half of the session, with the histogram expanding as price rose. RSI reached 58 at close, indicating moderate momentum but not overbought levels, suggesting further upside may be possible, though not excessive.
Bollinger Bands
Volatility expanded significantly in the last four hours, with the upper band reaching 1.268. The price closed near the upper band, suggesting strong momentum and elevated volatility that may continue into the next session.
Volume & Turnover
Volume spiked in the final hour, especially in the last 5-minute candle, with over 1,300.43 units traded at the 12:00 ET close. Turnover aligned with price action, confirming the breakout rather than showing signs of divergence.
Fibonacci Retracements
A key 61.8% retracement level at 1.246 appears to have held, supporting the bullish bias. The next Fibonacci level to watch is 1.264 (38.2%), which could act as a resistance or a consolidation zone.
The next 24 hours may see a test of 1.264 as a near-term resistance, with potential for further upside if buyers remain strong. However, a pullback to test the 1.246 level could occur if volume and momentum show signs of fatigue. Investors should be cautious of volatile swings in the coming session.
Comments
No comments yet