Market Overview for Gnosis/Tether (GNOUSDT)

Summary
• Price dropped from 126.14 to a low of 117.0 amid bearish momentum.
• High volume observed in the last 24 hours, but turnover does not confirm the move.
• RSI and MACD suggest oversold conditions, but trend remains bearish.

Gnosis/Tether (GNOUSDT) opened at 125.42 on 2025-11-03 at 12:00 ET, reached a high of 127.07, a low of 117.0, and closed at 117.15 as of 12:00 ET on 2025-11-04. The total 24-hour volume was 9,822.22, with a notional turnover of 1,174,041.57.

Structure & Formations

Over the last 24 hours, GNOUSDT displayed a bearish trend characterized by a long lower wick and a series of engulfing patterns, particularly visible around 05:45 ET and 17:00 ET. These signals indicate a shift in sentiment toward sellers. A strong support level appears to have formed around 118.0–119.0, with several bounces observed in the last 6 hours.

Moving Averages and MACD/RSI

The 20 and 50-period moving averages on the 15-minute chart are in a bearish crossover, reinforcing the downward bias. Daily moving averages (50/100/200) also align with a bearish trend. The RSI has dropped below 30, signaling oversold conditions, but has not triggered a rebound yet. MACD remains negative, with bearish divergence forming in recent candles.

Bollinger Bands and Volatility

Bollinger Bands have expanded significantly in the last 12 hours, reflecting increased volatility. Price has tested the lower band multiple times but failed to break it decisively, suggesting a temporary floor around 117.0–118.0. A contraction in the bands could precede a potential reversal, but this is yet to materialize.

Volume and Turnover

Volume surged between 00:00 and 01:45 ET, aligning with the initial breakdown from 123.67. However, the most recent volume has been relatively light in the 117.0–118.0 range, indicating a potential exhaustion of bearish momentum. Turnover remains strong in the early hours but has not confirmed the price depth of the recent move.

Fibonacci Retracements

Applying Fibonacci levels to the recent swing from 127.07 to 117.0, the 61.8% retrace level sits at approximately 121.57. The current price of 117.15 is near the 0% level, suggesting a potential rebound if the 118.0 support holds.

Backtest Hypothesis

A backtest could evaluate the performance of selling on bearish engulfing patterns, as seen in this dataset. Given the limitations of end-of-day data, the strategy could approximate the 15-minute exit by using the next day’s open or a 1-day close. The RSI and MACD indicators suggest oversold conditions, which could be used as a potential trigger to close short positions. A robust test would require minute-level data for precision, but this approximation may suffice for preliminary insights.