Market Overview for ZKCUSDC on 2025-10-04

• Price fell from 0.3481 to 0.3302 amid declining volume, indicating bearish momentum.
• A bearish engulfing pattern formed near 0.3481, followed by a breakdown below key support at 0.342.
• RSI hit oversold levels below 30 late in the 24-hour period, suggesting potential short-term rebound.
• Volatility expanded after 16:00 ET as price gapped below the lower Bollinger Band.
• Turnover spiked during the 03:00–05:00 ET window, but failed to confirm a bullish reversal.

Boundless/USDC (ZKCUSDC) opened at 0.3413 (12:00 ET − 1), peaked at 0.3481, and closed at 0.3249 by 12:00 ET. Total volume reached 1,539,449.8 and turnover hit $524,714.98. The 24-hour session saw bearish consolidation after an early bullish attempt, with key levels tested and breached.

Structure & Formations

Price formed a bearish engulfing pattern at 0.3481 following a failed bullish breakout. A breakdown below 0.342 confirmed a shift in sentiment. Key support levels at 0.3413, 0.335, and 0.3288 were sequentially tested, with the last support at 0.3249 holding as a temporary floor. A doji formed at 0.3303, suggesting indecision.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were both bearish, with price well below both. On the daily chart, the 50- and 100-period moving averages also indicated bearish bias. The 200-period MA acted as a long-term resistance, with price far below the key trendline.

MACD & RSI

MACD showed bearish divergence as the price rallied slightly but momentum failed to follow. RSI fell into oversold territory near 30, suggesting potential for a short-term bounce, though not a reversal. A bearish crossover in MACD confirmed the downward trend continuation.

Bollinger Bands

Bollinger Bands expanded significantly as price broke below the lower band at 0.3288. The widening of the bands suggests increased volatility and uncertainty. Price remains within a bearish channel, with the midline acting as a resistance.

Volume & Turnover

Volume spiked between 03:00–05:00 ET, coinciding with a pullback to 0.3302. However, the volume failed to confirm a bullish reversal. Notional turnover dropped after the breakdown below 0.342, indicating a lack of buying interest. The divergence between price and volume suggests bearish exhaustion may be limited.

Fibonacci Retracements

On the 15-minute chart, price fell below the 61.8% retracement level of the previous bullish swing. Daily Fibonacci levels showed price near the 78.6% retracement of the longer-term bearish move, indicating a likely continuation lower unless buyers step in at 0.3302 or below.

Backtest Hypothesis

A potential strategy could involve entering a short position after a breakdown below 0.342 with confirmation via a bearish engulfing pattern. A stop-loss at 0.3481 and a take-profit at 0.3249 could capture the bearish move seen in this session. The strategy aligns with the MACD crossover and RSI divergence observed, suggesting a high probability of continuation in the near term.