Market Overview for Boundless/USDC (ZKCUSDC) on 2025-09-17

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• ZKCUSDC opened at $0.8000 and closed at $0.7486, with a 24-hour low of $0.7145 and high of $0.8259.
• Price action shows a volatile downtrend with bearish engulfing patterns and a key support cluster near $0.73–0.74.
• Total volume was 1.29 million contracts with $930.4k in notional turnover, signaling moderate liquidity and mixed sentiment.
• RSI hit overbought levels in the early session, then dropped below 40, indicating bearish momentum.
• Bollinger Bands widened post-09:00 ET, pointing to increasing volatility and key retracement levels at 0.760 and 0.772.

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Boundless/USDC (ZKCUSDC) opened at $0.8000 on 2025-09-16 12:00 ET and closed at $0.7486 on 2025-09-17 12:00 ET. The 24-hour period saw a high of $0.8259 and a low of $0.7145. Total volume was 1,289,435 contracts, and notional turnover amounted to $930,413.80, reflecting moderate participation amid a bearish trend.

Structure & Formations

Price declined in a broad downward channel from the early morning highs, with bearish engulfing patterns observed between 03:00 and 04:30 ET, reinforcing the short-term bearish bias. A key support level formed near $0.73–0.74 between 08:15 and 09:00 ET, with price testing the zone multiple times and bouncing marginally. A doji formed around 05:15 ET near $0.7570, signaling indecision.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart both trended downward, with price below both indicators throughout the period. Daily moving averages (50, 100, 200) were not computed here but are likely bearish given the 15-minute context. The 20SMA crossed below the 50SMA in the early morning, forming a death cross pattern that could signal further downward pressure.

MACD & RSI

MACD remained bearish with a negative histogram and both lines trending lower. The crossover occurred at ~02:00 ET, confirming bearish momentum. RSI peaked at overbought levels above 60 in the early session and then declined below 40 by 04:00 ET, indicating oversold conditions and potential for a near-term rebound. However, the bearish divergence in price and RSI strength suggests caution.

Bollinger Bands

Volatility expanded significantly between 09:00 and 11:00 ET, with the upper band reaching $0.75–0.76 and the lower band near $0.73. Price closed near the midline of the bands at $0.7486, suggesting a consolidation phase. A break above the upper band would likely require a bullish catalyst, while a break below the lower band could accelerate the downtrend.

Volume & Turnover

Trading volume and turnover were moderate throughout the period, with the largest single 15-minute turnover spike at $0.7984 (12:15 AM) and again at $0.724 (06:15 AM). The 10:15 AM session saw a notable divergence between price and volume, as price continued to decline while volume remained subdued, suggesting limited conviction in the bearish move.

Fibonacci Retracements

Fib levels drawn from the $0.8259 high to the $0.7145 low showed key retracements at 38.2% (~$0.775), 50% (~$0.770), and 61.8% (~$0.765). Price tested the 50% and 61.8% levels multiple times during the 24-hour period, with the 38.2% level acting as a short-term resistance.

Backtest Hypothesis

A potential backtesting strategy could involve using the 20/50 EMA crossover on the 15-minute chart to identify short entries during bearish divergence in RSI and volume contraction. A long bias would only be triggered if price breaks above the 61.8% Fib level with increasing volume. Stops could be placed just below key support levels identified during the consolidation phase (e.g., $0.73–0.74). This approach could be further refined by incorporating the MACD histogram to time entries during weakening bearish momentum.