GAS - -24.46% 24-Hour Drop Amid Sharp 1-Year Slide

GAS experienced a sharp price correction of 24.46% in 24 hours as of SEP 1 2025, reaching $3.43. Over the past seven days, the token fell by an astonishing 403.06%, while its 30-day and 12-month declines stood at 24.46% and 2689.38%, respectively. The recent movement has placed the token in a prolonged bearish trend, with sustained downward momentum observed across multiple timeframes.

The price action has triggered renewed scrutiny from market participants, with traders and analysts dissecting the underlying factors behind the steep declines. While no specific regulatory or macroeconomic triggers have been cited in the latest market commentary, the sharp sell-offs have been interpreted as a sign of waning market confidence. Analysts project that the current bearish sentiment is likely to persist unless a material reversal in fundamentals emerges.

From a technical perspective, GAS is currently trading below all major moving averages, with the RSI at oversold territory and the MACD line signaling bearish divergence. These indicators suggest continued downward pressure, though some analysts caution that extreme levels may attract short-term buyers seeking to capitalize on potential rebounds. However, without a clear catalyst to shift sentiment, the technical setup remains bearish.

The backtesting strategy under consideration focuses on identifying and measuring the performance of GAS following significant daily price declines. The event definition is based on a single-day price drop of 10% or more, measured using the daily close-to-close return. Once an event is triggered, the strategy evaluates the asset’s performance over subsequent time horizons, including 1, 5, 10, 20, and 60 days.

Backtest Hypothesis

This strategy aims to assess whether the price behavior following large single-day drops is indicative of a broader trend or a temporary correction. By tracking the average returns after such drops, the backtest can help determine whether the market tends to recover or continue the downward trend. The underlying symbol can be the token itself or a derivative if available, while the benchmark window can be customized to reflect different investment horizons.