**Banana For Scale/USD Coin Market Overview: Volatility and Key Retests on 2025-09-05**

• BANANAS31USDC ended at 0.006241, down from 0.006263, with a 24-hour high of 0.006394 and a low of 0.006011.
• Volatility spiked in the late session, with price retesting key support levels around 0.0061 and 0.00605.
• Volume and turnover saw a divergence after 22:00 ET, suggesting potential distribution.
• A bearish engulfing pattern was visible on the 15-minute chart around 18:30 ET.
• RSI hovered near 50 with no clear overbought or oversold signals, indicating a neutral momentum environment.

Banana For Scale/USD Coin (BANANAS31USDC) opened at 0.006263 on 2025-09-04 at 12:00 ET and closed at 0.006241 the following day at 12:00 ET. The pair reached a high of 0.006394 and a low of 0.006011 within the 24-hour window. Total trading volume amounted to 99,662,420.0, with a notional turnover of approximately $622,305.37.

Structure & Formations

The 15-minute chart shows a distinct bearish trend from 18:30 ET onwards, with a bearish engulfing pattern forming around 18:30–18:45 ET. Price action also displayed a long lower shadow and a narrow close at 0.006083, indicating strong selling pressure. A potential support zone developed around 0.0061, with a low of 0.006031 on the 15-minute chart. A key resistance level emerged near 0.006265–0.006281, where price had multiple failed breakouts.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages showed a bearish crossover during the late afternoon session, confirming a short-term downtrend. On the daily chart, the 50-period MA was slightly above the 100-period MA, suggesting a neutral to mildly bearish bias. The 200-period MA acted as a long-term support at approximately 0.006120–0.006130.

MACD & RSI

The MACD histogram turned negative after 18:30 ET, indicating bearish momentum. The RSI fluctuated between 40–60 for most of the day, with no clear overbought or oversold signals. A bearish divergence between price and RSI appeared after 22:30 ET, suggesting potential bearish continuation.

Bollinger Bands

Volatility expanded late in the session, with the upper band hitting 0.006394 and the lower band dropping to 0.006031. Price closed near the middle band on the 15-minute chart, indicating no clear directional bias at the end of the 24-hour period.

Volume & Turnover

Trading volume peaked around 19:15 ET (5.05 million) and again around 09:30 ET (2.8 million). Notional turnover followed a similar pattern but showed a divergence after 22:00 ET, with high volume and low turnover indicating potential distribution. A bearish volume profile emerged in the final 4 hours, with price failing to retest prior intraday highs.

Fibonacci Retracements

Recent 15-minute swings (0.006281 to 0.006031) show a 38.2% retracement at 0.006168 and a 61.8% retracement at 0.006218. Price action briefly tested 0.006168 before reversing lower. On the daily chart, the 50% retracement of the prior 3-day move is at 0.006170, which appears to have acted as resistance.

Backtest Hypothesis

A potential backtesting strategy could involve entering short positions on bearish engulfing patterns (identified on the 15-minute chart), with a stop-loss placed above the high of the pattern. A target of the 61.8% Fibonacci retracement (0.006098–0.006102) and the 38.2% level (0.006148) could be used to manage risk. This strategy would be most effective when confirmed by bearish divergences in RSI and MACD.