Gitcoin/Tether Market Overview: GTCUSDT Sees Strong 24-Hour Rally

Summary
• Gitcoin/Tether (GTCUSDT) rose 0.56% in 24 hours, with a bullish close near key resistance.
• Volume surged 28% in the final 6 hours, confirming recent price strength.
• RSI climbed to 58, indicating moderate momentum without overbought warning.
• A bullish engulfing pattern formed near 0.165 on 04 Nov 02:00 ET, hinting at a short-term reversal.
• Bollinger Bands narrowed in the early hours, suggesting consolidation before a break.

GTCUSDT opened at 0.164 on 2025-11-03 at 12:00 ET and closed at 0.165 by 12:00 ET the next day, reaching a high of 0.169 and a low of 0.158. Total volume for the 24-hour window was approximately 1.5 million Gitcoin tokens, with notional turnover of about $244,835. Price action showed a steady recovery after an earlier dip, with bullish momentum gaining traction in the final hours.

In the 15-minute chart, GTCUSDT formed a bullish engulfing candle at 0.165 on 04 Nov 02:00 ET, suggesting short-term buying interest. The price has found support at the 20-period moving average (0.163) and remains above the 50-period (0.164). On the daily chart, the 50-day moving average sits at 0.164, aligning with recent support levels, while the 200-day line is at 0.162, indicating a potential floor for further declines.

The 15-minute MACD crossed above the signal line early on 04 Nov, reinforcing the bullish bias, while the RSI moved from 52 to 58 during the day, suggesting moderate strength. Bollinger Bands constricted in the early hours before a sharp price break to the upper band, reflecting increased volatility. Price remained near the upper band for the last 8 hours of the window, indicating strong buying pressure.

Notable resistance is forming around 0.167–0.169, with a key Fibonacci level at 0.167 (61.8% retracement of the recent swing low). A break above this could aim for 0.170, while a retest of 0.162–0.163 could confirm the support area. Volume increased sharply in the final 6 hours, with turnover rising in tandem, which supports the bullish breakout. No major divergence was observed between price and volume, suggesting strong conviction.

Backtest Hypothesis
To validate the potential of the bullish engulfing pattern observed at 0.165 on 04 Nov 02:00 ET, a 3-day-hold backtest strategy can be implemented using historical 15-minute OHLC data for Gitcoin/Tether. The exact symbol format (e.g., BINANCE:GTCUSDT or COINBASE:GTCUSDT) is required to retrieve accurate data for the pattern identification. Once the symbol is confirmed, the strategy can be run to assess the average return, win rate, and risk-reward ratio over multiple occurrences of the pattern. This will provide investors with a quantifiable edge for leveraging similar setups in the future.