Market Overview for ZKCUSDC on 2025-10-05

• Boundless/USDC traded in a tight range for most of the session, with a sharp rebound late in the day.
• A bearish breakout attempt early in the session failed, followed by a strong bull recovery in the overnight hours.
• Price tested key Fibonacci levels and closed near the 61.8% retracement of a prior intraday decline.
• Volume surged during the morning rebound, indicating increased buying pressure.
• RSI suggests overbought conditions, while MACD lines show bullish momentum could persist.

The ZKCUSDC pair opened at $0.3248 on October 4 at 12:00 ET and closed at $0.3262 at the same time on October 5, trading as low as $0.3119 and as high as $0.3344. The total volume over the 24-hour period was 1,593,528.6, with a notional turnover of $524,536. The price action displayed a bearish start, a large bearish 15-minute candle, and a strong overnight reversal.

Structure & Formations

The candlestick structure showed a key support at $0.3152, where the price consolidated before rebounding. A notable bearish engulfing pattern appeared at $0.3159–0.3168, indicating short-term bearish sentiment. Later in the session, a strong bullish reversal developed from $0.327–0.3344, with a bullish engulfing pattern forming at $0.3307–0.332, signaling a potential shift in momentum. A key resistance level appears at $0.3272, where price repeatedly tested and rebounded. A doji near the $0.3236 level indicated indecision.

Moving Averages

On the 15-minute chart, the 20-period MA crossed above the 50-period MA late in the session, forming a bullish “golden cross” that confirmed a short-term uptrend. The 50-period MA acted as dynamic support during the overnight recovery. On the daily chart, the 50- and 100-period MAs were nearly aligned, while the 200-period MA acted as a strong resistance, suggesting long-term bearish pressure.

MACD & RSI

The MACD crossed above the signal line around $0.328 and remained in positive territory throughout the session, supporting the bullish reversal. The RSI peaked at 67 in the afternoon, suggesting overbought conditions but not extreme levels. This suggests the rally may continue for a while before facing profit-taking. The RSI also crossed above 50, reinforcing the bullish bias.

Bollinger Bands

The price initially traded in a narrow range within the Bollinger Bands, with a volatility contraction seen in the $0.322–0.325 range. A sharp breakout to the upper band occurred after 1:00 AM, indicating increased volatility and strong buying pressure. The price closed near the upper band, with the band width indicating elevated volatility that may persist.

Volume & Turnover

Volume surged during the overnight rebound, with the largest single 15-minute volume of 146,996.4 accompanying the breakout to $0.3344. This volume confirmed the strength of the bullish move. However, a divergence was observed in the morning, where price made a new high but volume failed to follow through, suggesting caution. Turnover aligned closely with volume, confirming the price action’s legitimacy.

Fibonacci Retracements

On the 15-minute chart, the $0.3152–0.3344 swing saw the price close near the 61.8% retracement level at $0.3256–0.3262. This suggests the move has strong technical support. The 38.2% retracement at $0.3296 and the 50% retracement at $0.3302 were also tested, with the 50% level acting as a key pivot.

Backtest Hypothesis

Given the strong volume and price confirmation during the overnight rebound, a backtest strategy could focus on a breakout setup from a 15-minute consolidation pattern. A long entry on a confirmed breakout above the $0.3272 level with a stop-loss just below $0.3256 and a target near the 61.8% Fibonacci level at $0.3287 may have high probability in this market context. The RSI and MACD indicators would act as additional confirmation filters for entries.