Summary
• Price surged 9.5% on robust volume, breaking above key resistance at $118.
• RSI reached overbought territory, signaling potential pullback risk.
• Bollinger Bands expanded with high volatility, reflecting strong short-term momentum.
• A bullish engulfing pattern formed at $117.8–118.13, reinforcing upward bias.
• Volume increased dramatically after 3:30 AM ET, coinciding with a breakout to $119.
Gnosis/Tether (GNOUSDT) opened at $117.77 on 2025-12-18 12:00 ET, touched a high of $120.65, a low of $112.26, and closed at $119.60 as of 2025-12-19 12:00 ET. Total 24-hour volume was 1,114.97 and notional turnover reached $126,160.
Structure & Formations
Price action displayed a strong bullish reversal pattern with a bullish engulfing formation between $117.80 and $118.13 after a sharp downward move.
The 5-minute chart also showed a key support level at $113.50 and resistance near $118.15. A second wave of buying pushed the price to a high of $120.65, forming a bullish continuation pattern.
Moving Averages
On the 5-minute chart, the 20-period and 50-period moving averages both trended upwards, reinforcing the bullish momentum. The daily chart showed the 50-period MA at $116.30, the 100-period at $115.80, and the 200-period at $114.85, suggesting the market is well above its long-term support.
Momentum and Volatility
MACD showed a strong positive divergence, with the line above the signal line and rising. RSI reached 72, indicating overbought conditions and a potential near-term correction. Bollinger Bands expanded dramatically in the afternoon, reflecting increased volatility and strong price momentum.
Volume and Turnover
Volume spiked sharply after 3:30 AM ET, aligning with the price breakout to $119.60. The largest single 5-minute volume was 150.58 at 9:30 AM ET, coinciding with a bearish move to $117.37. Notional turnover confirmed volume spikes, with no major divergence observed between price and turnover.
Fibonacci Retracements
Applying Fibonacci to the 5-minute move from $112.26 to $120.65, the 61.8% retracement level was at $117.42, which coincided with a key support level. The price then continued to $119.60, suggesting the 38.2% retracement level at $119.01 might act as a short-term support. On the daily chart, the 61.8% retracement from the recent low is at $118.70, which may offer a potential pivot point.
Over the next 24 hours,
may consolidate near $119.60 before attempting a retest of $120.65. Traders may watch for a breakdown below $118.40 as a potential sign of near-term weakness. As always, market conditions could shift quickly, so monitoring key support and resistance levels will be essential.
Comments
No comments yet