Market Overview for Giggle Fund/Turkish Lira (GIGGLETRY) as of 2025-11-12

Summary
• Price action showed a 24-hour range between 6994.0 and 7010.0 with a closing rebound.
• Volatility spiked during the overnight selloff, with 6538.0 as a key short-term support.
• MACD and RSI suggest mixed momentum signals, with RSI near overbought territory at the close.

The Giggle Fund/Turkish Lira (GIGGLETRY) opened at 6900.0 on 2025-11-11 at 12:00 ET and reached a high of 7026.0 before settling at a 24-hour low of 6444.0. The pair closed at 6902.0 on 2025-11-12 at 12:00 ET. Total volume was 69,083.12 units, and the estimated turnover over the 24-hour period was roughly 469,162,595 TRY, indicating active short-term trading interest. The price action showed distinct bearish and bullish phases, with a sharp overnight decline followed by a gradual recovery in the morning session.

Structure & Formations

The 24-hour chart displays several key support and resistance levels. A bearish breakdown occurred during the overnight hours, with a strong move down toward 6538.0 forming a bearish continuation pattern. The 6800.0 and 7000.0 levels appear to be critical psychological and structural support/resistance zones. A bullish engulfing pattern emerged in the early morning hours, suggesting a potential short-term reversal. A key bearish divergence appeared in the 5:30–6:00 ET session, with price rebounding after reaching a 24-hour low.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages remained well below the closing price by the end of the session, indicating a bearish-to-bullish crossover trend in the final hours. On the daily chart, the 50/100/200 SMA lines show the price is above all three, with a narrowing gap between the 50 and 100-period lines suggesting a possible consolidation phase. The price may test the 50 SMA as a dynamic support level in the next 24 hours.

MACD & RSI

The MACD (12, 26, 9) showed a bullish crossover in the final two hours of the 24-hour period, while the histogram showed increasing positive momentum. The RSI (14) crossed above 70 on the closing candle, suggesting overbought conditions. However, the RSI divergence during the overnight sell-off indicates that price may continue to bounce. Momentum appears to be stabilizing but remains mixed due to the conflicting bearish and bullish signals.

Bollinger Bands

Volatility spiked during the overnight sell-off, with price reaching the lower band at 6538.0 before rebounding. Throughout the day, the price oscillated within a normal volatility range, staying between the upper and lower bands. The narrowing of the bands in the early morning suggests a period of consolidation, followed by a breakout in the later morning. Price currently appears to be at the upper Bollinger Band, signaling potential overbought conditions and a possible pullback.

Volume & Turnover

Volume increased sharply during the overnight decline, with the 3:15–4:15 AM ET session showing the highest 15-minute volume. This surge in volume supported the bearish price action and confirmed the breakdown. The late-morning rebound also saw increased volume, suggesting a genuine short-covering rally. Notional turnover peaked during the sell-off and again during the morning rebound, indicating a high degree of activity and interest from both bulls and bears.

Fibonacci Retracements

Fibonacci retracements applied to the overnight decline (from 6900.0 to 6538.0) show the 38.2% level at 6765.0 and the 61.8% level at 6658.0. The price bounced off the 6658.0 level in the morning and pushed higher, suggesting a possible test of the 76.4% and 100% levels in the near future. Daily Fibonacci levels applied to the previous week’s move indicate the 6500.0 level is a key support for the pair.

Backtest Hypothesis

Given the overbought conditions observed in the RSI, a backtest using the “RSI Overbought” entry rule could be tested on this pair using a 14-period RSI with a threshold of 70. The signal would be generated when the 14-period RSI first crosses above 70 on a daily close, using daily closing prices for entries and exits. A 5% stop-loss could be implemented for risk management. The strategy could be tested using the GIGGLETRY data from 2022-01-01 to 2025-11-12 to evaluate its viability in this volatile market environment. This strategy could align well with the observed price structure and momentum signals from the RSI and MACD.