Market Overview for ZKCUSDC on 2025-11-01

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• Boundless/USDC (ZKCUSDC) opened at $0.2185, hit a high of $0.2289, a low of $0.2127, and closed at $0.2244 within the 24-hour period.• Total volume traded was 1,200,983.9 USDC, while notional turnover reached $266,649.60—suggesting moderate activity with potential consolidation ahead.• A bullish reversal pattern emerged near 0.2161–0.2167, followed by a test of $0.2225, hinting at possible upward continuation.• RSI bottomed at 30 in early hours, indicating oversold conditions, while MACD remained positive, signaling potential bullish momentum.• Volatility expanded after the 0.2208–0.2267 range, and prices hovered near the upper Bollinger Band, hinting at strong conviction in the current move.

The ZKCUSDC pair displayed a distinct 24-hour bullish consolidation, forming a base between $0.2127 and $0.2289. The candlestick structure showed a strong rebound from the 0.216–0.217 support cluster, followed by a rally through the $0.2225–$0.2247 range. Several bullish patterns, including a hammer and a bullish engulfing formation, emerged during the night, supporting a potential breakout above the recent high of $0.2267. The 15-minute chart showed the price sitting above the 20- and 50-period moving averages, while the 50-period line on the daily chart crossed above the 100-period, hinting at a possible continuation of the uptrend.

The relative strength index (RSI) hit a morning low of 30, suggesting the price had retraced into oversold territory, but failed to break below 30 for long. This was followed by a gradual climb back toward the 50–60 zone, signaling a potential shift in buyer sentiment. The moving average convergence divergence (MACD) remained positive for much of the day, with a narrowing histogram reflecting a slowdown in the momentum phase. Bollinger Bands showed a recent expansion, as price tested the upper band around $0.2267 and $0.2273, indicating heightened volatility. The price action stayed well above the 20-period moving average for most of the day, with no significant breakdowns into the 0.216–0.218 zone, reinforcing short-term bullish bias.

A Fibonacci retracement drawn from the high of $0.2289 to the low of $0.2127 placed key levels at $0.2238 (38.2%), $0.2216 (50%), and $0.2198 (61.8%). Price tested the 38.2% level multiple times and bounced off it with volume confirmation, indicating potential support for the near term. However, the 50% level remains under observation, as a breakdown below that could trigger a retest of the 61.8% level or even a re-entry into the consolidation phase.

Backtest Hypothesis

Identifying key support and resistance levels like the 0.2141–0.215 range allows for backtesting of potential entry and exit strategies. Historical instances when the price touched this support zone could be used to test the reliability of a long-bias approach after confirmation of a bullish reversal pattern. By analyzing price performance following each touch, we could derive win rates, average returns, and risk-to-reward ratios, offering a data-driven view of the strategy's robustness. A valid OHLCV dataset is needed to begin this process; once available, I can run the event-based analysis and generate performance metrics and visualizations for further evaluation.