Market Overview for Euler/USDC (EULUSDC) – 24-Hour Analysis

• Price surged from 8.29 to 8.70 before retracing to 8.66
• Strong volume rally during 19:30–20:30 ET confirms bullish momentum
• Bollinger Band contraction mid-session suggests potential breakout
• Downturn in final 6 hours reduced gains, ending with 8.66 close
• MACD and RSI indicate potential overbought conditions

The Euler/USDC (EULUSDC) pair opened at $8.292 at 12:00 ET–1 and peaked at $8.718 before retreating to close at $8.662 at 12:00 ET. The price action was supported by a total volume of 91,380.9 and notional turnover of $783,899.88 over the 24-hour window. The session saw a dynamic shift in momentum, with a strong rally in the late afternoon followed by a correction in the early morning.

Structure & Formations

Price action displayed a clear bullish impulse between 19:30 and 20:30 ET, forming a strong candlestick structure that indicates a breakout attempt. A bearish retracement from $8.70 to $8.66 followed, which could signal the formation of a consolidation pattern. A key support level appears to be forming around $8.64, where the price found a floor in multiple instances. No strong bearish reversal patterns emerged, suggesting continued bullish bias in the near term.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed into positive territory around 20:30 ET, reinforcing the bullish momentum. Over the daily timeframe, the 50-day moving average is currently near $8.57, suggesting that the pair remains above its short-term trend line. The 100-day and 200-day averages appear to be converging, hinting at a potential breakout or consolidation phase.

MACD & RSI

MACD showed a strong bullish crossover during the peak rally, with the histogram expanding into positive territory before contracting during the late-night correction. RSI reached overbought levels (above 70) during the peak hours, indicating that the rally may be nearing exhaustion. A pullback could be expected if RSI continues to retreat below 60, suggesting a watchful approach for near-term traders.

Bollinger Bands

Volatility expanded significantly during the 19:30–20:30 ET rally, pushing the price outside the upper Bollinger Band. This expansion suggests heightened activity and potential momentum. The price then moved back into the band, with the lower bound holding firm around $8.60–8.64. A breakout above the upper band or a breakdown below the lower band may signal a new trend.

Volume & Turnover

Volume spiked during the late afternoon, particularly between 19:30 and 20:30 ET, supporting the bullish price action. However, the final hours saw a notable drop in volume despite the price retracing, which may indicate weakening buying pressure. Notional turnover aligns with volume peaks, showing strong participation during key price movements.

Fibonacci Retracements

Applying Fibonacci levels to the 19:30–20:30 ET rally, the price found a 38.2% retracement at $8.68 and a 61.8% retracement at $8.64. These levels align with observed price action during the correction phase, suggesting that traders may be watching these levels for potential retests.

Backtest Hypothesis

The absence of a valid RSI series for the EULUSDC pair highlights a critical dependency in backtesting strategies reliant on overbought/oversold conditions. To proceed, we recommend confirming the correct trading pair or symbol—such as “EUL-USDC” or “EUL-USD”—and adjusting the historical data window to align with the token's listing date. Once the correct symbol is validated, we can retrieve RSI data and execute the overbought-entry, 14-day-hold backtest strategy.