Market Overview for GNSUSDT on 2025-10-10

• Price action for GNSUSDT showed sharp bearish momentum after a brief bullish reversal.
• RSI and MACD confirmed weakening momentum in the latter half of the 24-hour window.
• Volatility expanded significantly during the drop, with volume increasing to 32492.01.
• A large bearish engulfing pattern and Fibonacci 61.8% level aligned during the key low.
• Bollinger Bands showed expansion as price moved toward the lower band during the selloff.

Over the 24-hour period ending at 12:00 ET on 2025-10-10, Gains Network/Tether (GNSUSDT) opened at $1.693 and saw a sharp decline to a low of $1.558 before closing at $1.56. The price peaked at $1.703 earlier in the session. Total volume reached 32492.01, with a notional turnover of $50,541.83, indicating significant selling pressure especially toward the end of the session.

Structure & Formations

The price of GNSUSDT displayed a strong bearish trend after a minor bullish bounce from around $1.67. A key bearish engulfing pattern formed at $1.679–$1.672, followed by a sharp breakdown to $1.58. A doji appeared near the $1.581 level, signaling potential consolidation or reversal. The $1.65 area served as a dynamic resistance, with multiple failed attempts to break above it. A Fibonacci 61.8% retracement level aligned with the $1.58–$1.63 range, acting as a critical support zone.

Moving Averages

On the 15-minute chart, the price broke below the 20- and 50-period moving averages, confirming a strong bearish bias. On the daily chart, the 50, 100, and 200-period moving averages were all in a downtrend, reinforcing the bearish momentum. The 50-period MA acted as a resistance during the bounce but ultimately failed to hold the price above it.

MACD & RSI

The MACD turned negative around $1.69 and continued to fall through the signal line, confirming bearish momentum. The RSI dropped sharply from overbought territory into oversold levels during the last 8 hours of the 24-hour window. While RSI may suggest oversold conditions, the price shows no signs of a reversal, indicating possible continuation of the bearish trend.

Bollinger Bands

Volatility expanded significantly as the price moved from the upper to the lower Bollinger Band during the decline. A contraction in the bands was observed in the early hours of the session, followed by a breakout to the downside. The price currently sits near the lower band, suggesting a potential overextension in the bearish move.

Volume & Turnover

Volume surged during the decline, with the largest single candle (at $1.58) contributing 20490.26 to total volume. Notional turnover spiked during this period, confirming the bearish breakout. However, volume has since decreased, indicating potential exhaustion. Divergence between price and volume could hint at a short-term reversal or consolidation.

Fibonacci Retracements

Fibonacci retracement levels showed key support at the 61.8% ($1.58) and 50% ($1.63) levels during the 15-minute and daily timeframes. The price found temporary support at $1.63 before breaking down again. The 38.2% retracement level at $1.66 failed to hold buyers, reinforcing the bearish bias.

Backtest Hypothesis

The backtest strategy described utilizes a combination of RSI divergence and Fibonacci retracement levels to identify potential mean-reversion opportunities during strong bearish moves. Given the recent sharp decline and RSI reaching oversold levels, the setup aligns with the hypothesis of a short-term bounce from the 61.8% Fibonacci level. If volume fails to confirm further downside and RSI shows a bullish divergence, this could signal a potential reversal. However, the continued bearish momentum and lack of buying pressure may instead indicate a deeper pullback.