Market Overview: GPSUSDT – GoPlus Security/Tether

• GPSUSDT rose from 0.01266 to 0.01309 before correcting to 0.01289, with volume spiking midday.
• Price found support near 0.0128–0.01282 and resistance at 0.01304–0.01308, with mixed candlestick patterns.
• Momentum peaked in the early afternoon before fading, with RSI indicating overbought levels later corrected.
• Bollinger Bands widened midday, reflecting increased volatility, while volume and turnover aligned with price swings.
• A bullish breakout attempt was rejected near 0.01309, suggesting short-term uncertainty in direction.

24-Hour Price and Volume Snapshot

GoPlus Security/Tether (GPSUSDT) opened at 0.01268 on October 6 at 12:00 ET and closed at 0.01289 on October 7 at the same time. The pair reached a high of 0.01309 and a low of 0.01266 over the 24-hour period. Total trading volume amounted to 55,866,224.8 units, with notional turnover estimated at 704.55 Tether (USDT), based on the weighted average price and volume data provided.

Structure & Key Formations

Price action over the 24-hour period revealed multiple key levels and candlestick formations. A strong bullish breakout attempt occurred in the early afternoon, reaching a high of 0.01309 before facing rejection, forming a potential shooting star pattern. A notable bearish reversal occurred in the late evening with a candle that opened at 0.01294 and closed at 0.01286, suggesting short-term profit-taking. Support was tested and held around the 0.0128–0.01282 range, which may serve as a near-term floor for the pair.

Moving Averages and Momentum

Using a 15-minute timeframe, the 20-period and 50-period moving averages suggest mixed signals. Price spent much of the session above the 20-period MA but crossed below the 50-period MA in the evening, indicating a cooling of momentum. On the daily chart, the 50-period MA sits below the 200-period MA, suggesting a broader bearish bias for GPSUSDT. The MACD line peaked at 0.000047 in the early afternoon, followed by a negative crossover into bearish territory, aligning with the rejection of the 0.01309 level. RSI reached overbought levels at 68 before correcting into neutral territory, showing exhaustion in the bullish move.

Volatility and Bollinger Bands

Volatility increased sharply during the midday and early afternoon hours, as evidenced by the expansion of the Bollinger Bands. Price reached the upper band at 0.01309, indicating a potential overbought condition and a possible reversal point. Later in the session, as price drifted lower, it re-entered the middle band, indicating a return to more typical levels of volatility. This suggests a period of consolidation is likely in the near term.

Fibonacci Retracements and Key Levels

Fibonacci retracement levels drawn from the 0.01266 low to the 0.01309 high reveal key psychological levels for the pair. The 61.8% retracement level at 0.01302 and the 38.2% level at 0.01293 were both tested and rejected, especially in the late afternoon and evening. The 50% level at 0.01287 was briefly held during consolidation in the early morning, but failed to hold as bearish pressure increased. These levels could serve as watchpoints for future price reactions.

Backtest Hypothesis

A potential backtesting strategy could involve using a combination of the 20-period and 50-period moving averages to identify trend shifts, paired with RSI for confirmation of overbought or oversold conditions. A long entry could be triggered when price closes above the 50-period MA with RSI below 30 (oversold), and a stop-loss placed below the nearest support level. Alternatively, a short bias may be activated when price closes below the 20-period MA and RSI exceeds 70 (overbought), with a stop above a key resistance level. This system would require backtesting over a broader time period to assess its efficacy across varying market conditions.