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Summary
• Price dropped from $134.62 to $131.20, breaking below key support levels.
• High volume consolidation appears near $131.50–$132.00.
• RSI and MACD show bearish momentum, no overbought conditions.
• Volatility remained subdued until the final 3 hours of the period.
• A potential bullish reversal pattern forms near $131.80–$131.90.
Gnosis/Tether (GNOUSDT) opened at $132.91 on December 9, reached a high of $135.18, and closed at $131.2 at 12:00 ET on December 10, with a 24-hour low of $130.46. Total volume was 828.72 GNO and notional turnover reached $109,873.45 USD.
Structure & Formations
Price carved a bearish structure throughout most of the period, with a notable breakdown below the $133.00 psychological level. A potential bullish reversal candle emerged in the final hour, with a long lower wick forming near $131.80–$131.90. Key support levels appear at $131.20 and $130.80, while the first resistance may be retested at $132.00.
Moving Averages
On the 5-minute chart, price remained below the 20- and 50-period SMAs for most of the session, indicating bearish bias. On the daily timeframe, the 50-period SMA is near $133.80, acting as a key resistance level, while the 200-period SMA at $132.10 may offer limited support if price stabilizes.
MACD & RSI
MACD crossed bearishly below zero early, reinforcing the downward trend. RSI moved into oversold territory near the end, which may indicate a short-term rebound is possible, but bearish momentum remains strong.
Bollinger Bands
Volatility remained tight until the last hour, when a moderate expansion occurred. Price closed near the lower Bollinger Band, signaling potential for a rebound, though a break above the upper band would require strong follow-through.
Volume & Turnover
Volume picked up near $131.20–$131.80 as price consolidated, suggesting buying interest may be building. Turnover was highest during the sharp selloff between 18:15 and 19:15 ET. Divergence between volume and price was not observed, though volume declined during the final bullish reversal candle.
Fibonacci Retracements
On the 5-minute chart, price found support at the 61.8% level of the last bullish swing near $134.61–$131.20. On the daily chart, the 50% retracement level sits at $133.90, which may act as a near-term barrier to further downside.
GNOUSDT appears to have entered a consolidation phase after breaking below critical support levels. The recent price action and volume dynamics suggest that the market is gauging the strength of the bearish move and preparing for a potential rebound.
Price may test $131.20 for consolidation before attempting a rebound toward $132.00. A break below $130.80 could trigger more aggressive selling, but the emergence of a bullish reversal pattern near $131.80 suggests a short-covering rally is possible. Investors should monitor volume and RSI for signs of exhaustion or strength.
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