Market Overview for GoPlus Security/Tether (GPSUSDT)

Summary
• GPSUSDT closed 0.00660, up 0.95% from 0.00654 at 12:00 ET.
• Daily high of 0.00679 and low of 0.00632 observed.
• Volume surged to 48.6 million, turnover reached $315.6k.
• Strong bullish momentum in early hours, followed by consolidation.
• Volatility expanded, with price oscillating between 61.8% and 38.2% Fibonacci levels.

Market Overview

GoPlus Security/Tether (GPSUSDT) opened at 0.00654 at 12:00 ET – 1, reached a high of 0.00679, and a low of 0.00632, before closing at 0.00660 at 12:00 ET. Total volume for the 24-hour period was 48.6 million, with a notional turnover of approximately $315.6k. The pair showed a mix of strong early bullish momentum and late consolidation, with key support and resistance levels becoming more defined.

Structure & Formations

Price action on the 15-minute chart revealed a strong bullish breakout above 0.00670 in the early hours, followed by a consolidation phase. A bearish engulfing pattern formed around 22:15 ET, signaling short-term pressure, but was followed by a bullish recovery. No major doji patterns were observed, but key support levels (e.g., 0.00650 and 0.00644) and resistance (0.00670, 0.00675) are clearly defined, with a 61.8% Fibonacci retracement level at 0.00662 acting as a pivot point.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart suggest a bullish bias, as price has spent most of the session above both. For the daily chart, the 50-period SMA is currently at 0.00658, while the 200-period SMA is at 0.00652, indicating a short-term bullish tilt within a broader neutral-to-bullish trend.

MACD & RSI

MACD (12, 26, 9) showed a bullish crossover in the early morning, with the histogram expanding as buying pressure increased. RSI(14) peaked near 70 in the late afternoon, indicating overbought conditions, followed by a pullback into neutral territory. These metrics suggest that momentum has been strong but is beginning to normalize, with RSI potentially setting up for a consolidation phase.

Bollinger Bands

Volatility expanded significantly during the session, with price swinging between the upper and lower Bollinger Bands multiple times. The close at 0.00660 sits near the middle band, suggesting that while volatility has waned slightly, the range-bound nature of the market remains intact for now. A break above the upper band could signal renewed bullish momentum.

Volume & Turnover

Volume spiked during the breakout above 0.00670, reaching a peak of 7.1 million in the 21:15–21:30 ET candle. Turnover followed a similar pattern, peaking at $4.7k during this period. A divergence between price and volume in the late hours suggests some short-term uncertainty, with price declining slightly on lower volume.

Fibonacci Retracements

Applying Fibonacci to the recent 15-minute move from 0.00644 to 0.00679, the 61.8% retracement level at 0.00662 and the 38.2% at 0.00657 were key zones of interest. Price found temporary support at 0.00662 in the late afternoon before rebounding. For the daily chart, the 61.8% retracement of the previous larger swing is near 0.00665, where price may face resistance in the next 24 hours.

Backtest Hypothesis

Given the recent overbought RSI conditions and defined support/resistance levels, the proposed backtest strategy—buying GPSUSDT when RSI(14) exceeds 70 and selling when the close falls below the 20-day SMA—could be tested for its viability. This strategy aligns with the observed price behavior, particularly during the early morning bullish breakout and the subsequent consolidation. The 20-day SMA would act as a dynamic support level, offering an objective exit point. Using daily bars for the backtest would provide a robust view over multiple years, including the current 2025-11-08 data.