Market Overview: Tranchess/USDC (CHESSUSDC) – 24-Hour Crypto Market Movement Analysis

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Summary
• Tranchess/USDC rallied 1.18% in 24 hours, with a sharp move after 15:00 ET.
• Key resistance now at 0.0663–0.0672 and support at 0.0641–0.0645 based on recent swings.
• High volatility observed in the final 4–5 hours with volume spiking to 118,511.7.
• Momentum remains strong, with RSI near overbought and MACD bullish.

The pair opened at 0.06301 on 2025-09-23 12:00 ET and closed at 0.06716 on 2025-09-24 12:00 ET, with a high of 0.06721 and a low of 0.06136. Total volume for the 24-hour window was 775,180.3, and turnover reached $51,370.29 (assuming USDC as $1). The price saw a strong reversal after a bearish gap in early overnight trading, with a bullish breakout forming in the final hours.

Structure and formations were notably bullish in the 15-minute timeframe. A large bullish engulfing pattern emerged around 05:45–06:00 ET, followed by a strong continuation through a 61.8% Fibonacci level of the prior downward swing. Key support levels were identified around 0.0641–0.0645, while resistance levels emerged at 0.0663 and the 24-hour high of 0.0672. A potential double-bottom formation around 0.0625–0.0629 also appears to be in play.

Moving averages on the 15-minute chart suggest a strong uptrend: the 20-period line crossed above the 50-period line around 05:00 ET, confirming bullish momentum. The daily chart indicates a broader uptrend, with the 50-period MA above the 200-period MA. This alignment supports the continuation of the recent rally.

MACD was bullish throughout the morning and evening sessions, with the histogram expanding positively after 15:00 ET. RSI reached overbought territory above 70 during the final hour, suggesting a possible pullback or consolidation phase. Bollinger Bands were in a wide formation from 05:00–17:00 ET, and price remained above the midline, indicating strong bullish volatility. A contraction was noted briefly around 06:30–07:30 ET, which may precede a breakout.

Volume and turnover were highly concentrated in the final 3 hours, with a spike at 15:00–15:30 ET and a massive 118,511.7 volume candle at 16:00 ET. Turnover confirmed the bullish price action, with no notable divergence. The initial downtrend saw low volume, suggesting a lack of conviction in the bearish move.

Fibonacci retracement levels from the overnight low (0.06136) to the high (0.06721) showed the 61.8% level at 0.0649–0.0652 being a key area of interest. This level was broken around 15:00–16:00 ET, confirming strength. The 38.2% retracement level (0.0633–0.0636) acted as a key support during the morning consolidation phase.

The backtest strategy aims to exploit momentum and trend continuation in high volatility conditions. It uses a 20-period EMA and a 50-period EMA crossover as entry triggers, with a stop-loss placed at the most recent swing low and a target at the 1:1 risk/reward level. In the context of the recent 15-minute data, such a strategy would have entered at 05:00–06:00 ET and held through the final 3-hour rally.