Market Overview: Gas (GASUSDT) 24-Hour Technical Summary

• Gas (GASUSDT) fell from $3.61 to $3.357, a ~7.3% drop over 24 hours with bearish momentum intensifying.
• Strong support clustered near $3.35–3.37 with multiple rejections and a potential reversal forming.
• RSI dropped to 23, indicating oversold conditions; MACD remains bearish with negative divergence.
• Volume spiked over $25M in late ET hours during key breakdowns; turnover mirrored bearish flow.
• Bollinger Bands widened sharply during breakdown, confirming increased volatility and direction.

Gas (GASUSDT) opened at $3.60 at 12:00 ET–1 and closed at $3.368 by 12:00 ET. The 24-hour range was $3.61–$3.355, with a total traded volume of 554,000 GAS and notional turnover of ~$195M.

Structure & Formations

The price formed a bearish continuation pattern throughout the day, with several dark cloud covers and a bearish engulfing pattern at $3.435–$3.406. A key support cluster formed around $3.35–3.37, where price bounced multiple times during the final 15-minute intervals. A bullish reversal may form if buyers hold this level and close a candle above it.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs have diverged, with the 50-line crossing below the 20-line in a bearish death cross formation. Daily chart indicators show the 200-day SMA at ~$3.45, which may act as a psychological resistance. Price remains below all key moving averages, suggesting short-term bearish pressure.

MACD & RSI

The MACD has remained bearish for much of the session, with a negative histogram and bearish crossover. RSI fell to 23 by the end of the day, indicating oversold conditions, though without immediate bullish confirmation. A RSI rebound above 40 would be needed to validate a short-term bounce.

Bollinger Bands

Bands widened sharply during the breakdown below $3.45, confirming a volatility expansion. Price has remained near the lower band during the final 3–4 hours, signaling increased bearish momentum. A closing candle above the upper band may indicate a reversal attempt.

Volume & Turnover

Volume surged in the late ET session, particularly during the breakdown under $3.45, with notional turnover peaking at ~$25M. The price-volume divergence was minimal, suggesting confirmation of bearish sentiment. A spike in volume at $3.35–3.37 could validate support.

Fibonacci Retracements

A key Fibonacci level at ~$3.43 acted as a resistance during the bounce attempt in the early hours. On the 15-minute swing, price found support at 61.8% (~$3.38) and 38.2% (~$3.41), which may be watched for potential reversals.

Gas may test the $3.35 psychological level in the next 24 hours, though a rebound above $3.41 could signal a short-term relief rally. Traders should watch for volume confirmation at key levels and avoid overleveraging in an oversold but structurally bearish environment.