Market Overview: GMT/Tether (GMTUSDT) 24-Hour Summary

GMT/T2img>Descending wedge pattern on a 5-minute candlestick chart, showing price breaking below the wedge with red downward arrows. Bollinger Bands widening dramatically, and a 50-period moving average crossing below the price line. The RSI line dips into oversold territory below 30, while MACD diverges from price action with a fading bullish histogram.USDT opened at $0.01757 at 12:00 ET–1 and closed at $0.01646 at 12:00 ET, reaching a high of $0.01824 and a low of $0.0161. Total volume for the 24-hour window was 30,806,237.5, with a turnover of approximately $533,684 (based on mid-quotes and volume).

Structure & Moving Averages

GMTUSDT formed a descending wedge on the 5-minute chart, breaking out to the downside after a strong intraday high near $0.01824. The 20-period and 50-period moving averages both moved lower after 20:00 ET, reinforcing the bearish bias. On the daily chart, the 50-period MA is above the 100-period MA, suggesting a possible continuation of the broader downtrend.

Momentum & Indicators

The 12–26 EMA MACD showed a bullish crossover early in the session but diverged from price action as the trend reversed. RSI briefly entered overbought territory at $0.01824 but quickly fell below 30, signaling oversold conditions later in the session. This suggests that momentum has shifted decisively to the downside.

Volatility & Bollinger Bands

Volatility increased sharply after 19:00 ET, with Bollinger Bands widening significantly. By the close, price was trading near the lower band, indicating potential exhaustion in the downtrend or possible support forming in the $0.0161–$0.0165 range.

Fibonacci Retracements

The recent 5-minute move from $0.01824 to $0.0161 saw a 61.8% retracement at around $0.01722, which acted as a key resistance during the recovery attempt after 22:00 ET. On the daily chart, the 38.2% retracement level of the previous major bear wave lies near $0.0175, where buyers have struggled to gain traction.

GMT may test the immediate support near $0.0161 in the next 24 hours, with a potential bounce toward the $0.0172–$0.0173 level if buyers return. Investors should remain cautious of potential follow-through selling if the $0.0161 level breaks.