Summary
•
tested key resistance near $139.38, with mixed momentum signals suggesting indecision.
• Volatility expanded after a consolidation phase, as volume surged in late-ET trading.
• RSI shows overbought conditions near 70, hinting at potential short-term pullback risks.
• A bullish engulfing pattern formed after the $138.0 support, indicating possible near-term recovery.
The 24-hour session for Gnosis/Tether (GNOUSDT) opened at $138.47 and closed at $138.25 by 12:00 ET, with a high of $140.88 and low of $137.56. Total volume was 47.825, and notional turnover reached $6595.52.
Structure and Key Levels
The price tested a key resistance at $139.38 multiple times, with a failed break above it indicating a potential near-term ceiling. A strong support level appears to have formed around $138.0, marked by a bullish engulfing pattern. On the daily chart, the 200-period MA remains above current price levels, indicating a potential long-term bearish bias.
Momentum and Volatility
The RSI briefly hit overbought territory (~70) following the $140.88 high, suggesting a potential short-term correction. MACD showed a narrowing histogram after a strong bullish crossover, signaling a slowdown in momentum. Bollinger Bands expanded following a narrow consolidation phase, reflecting heightened volatility.
Volume and Divergences
Trading volume spiked sharply in late-ET hours as price moved toward $140.88, with turnover confirming the bullish breakout attempt. However, a divergence appeared in the last few candles as price dipped while volume remained elevated, suggesting mixed buyer sentiment.
Fibonacci Retracements
A 5-minute swing from $137.56 to $140.88 saw price retesting the 61.8% retracement level at $139.38 without a strong follow-through. Daily retracement levels also indicate possible support at $138.0 and resistance near $139.38 for the next 24 hours.
While the price may test the $139.38 resistance again in the coming hours, a pullback to the $138.0 level could offer a more defined entry point. Investors should remain cautious of divergences and watch for a potential reversal if the 200SMA continues to weigh on the pair.
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