Synapse/USDC Market Overview for 2025-09-26

• Price dipped from 0.1087 to 0.1041 before rebounding to 0.1070, suggesting temporary bearish pressure.
• Strong bearish momentum seen in early session, followed by mixed momentum in late hours.
• Volatility expanded during the early morning dip, with a sharp volume spike of 309,885.1.
• RSI and MACD showed divergence, hinting at potential exhaustion in the move lower.
• Price retested key Fibonacci support at 0.1041 and bounced, indicating short-term resilience.

Market Summary

Synapse/USDC (SYNUSDC) opened at 0.1078 at 12:00 ET–1, peaked at 0.1087, and hit a low of 0.1041 before closing at 0.1070 at 12:00 ET today. Total trading volume over the 24-hour period reached 1,216,477.5, with a notional turnover of 127,003.98 (assuming USDC value). The pair experienced significant volatility, particularly in the early hours, with a sharp bearish move followed by a partial rebound.

Structure & Formations

The price action revealed a clear bearish breakdown in the early session, with a key low at 0.1041 acting as immediate support. A bullish reversal occurred from this level, forming a potential bullish engulfing pattern. A notable doji appeared at 0.106 at 21:45 ET–1, indicating indecision. Resistance levels appear at 0.1072 and 0.1076, while support levels are forming at 0.1059 and 0.1055. The price has been consolidating between 0.1055 and 0.1076 in the last 12 hours.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are below the current price, suggesting a bearish bias in the short term. However, the 50-period MA is beginning to show signs of flattening as price rises. On the daily chart, the 50, 100, and 200-period moving averages are aligned slightly higher than the 12:00 ET close, indicating a possible retest of the 200-day MA as a key level.

MACD & RSI

The MACD line turned positive in the last 6 hours, with the signal line following closely, indicating a potential shift in momentum. RSI dipped into oversold territory below 30 during the 0.1041 low and has since rebounded to neutral ground around 48–50. This suggests that the recent bearish momentum may be exhausted, and a short-term bounce could be in play.

Bollinger Bands

Price briefly touched the lower Bollinger band during the 0.1041 low and then moved back toward the middle band, indicating a potential reversal from oversold conditions. The band width has been expanding during the volatile early session, signaling increased market uncertainty. Currently, the price is hovering near the upper half of the band, suggesting a potential test of the upper boundary.

Volume & Turnover

Volume spiked to 309,885.1 during the 17:15 ET–1 candle as the price dropped to 0.1053, confirming the bearish move. However, volume has been declining after the 0.1041 low, indicating potential exhaustion. Turnover has also followed a similar trend, with the lowest turnover occurring during consolidation periods. The divergence between price and volume in the last 4 hours suggests a possible reversal in the near term.

Fibonacci Retracements

Applying Fibonacci to the recent 0.1041–0.1076 swing shows key levels at 0.1058 (38.2%) and 0.1067 (61.8%). The price has been consolidating around the 61.8% retracement level, suggesting a possible continuation of the bullish bounce. On the daily chart, the 61.8% retracement of the larger bearish move is at 0.1063, which aligns with recent price action.

Backtest Hypothesis

The backtest strategy involves entering long positions upon a bullish engulfing pattern occurring at or near key Fibonacci support levels, with a stop-loss placed below the pattern’s low and a target at the 61.8% retracement level. Given the recent bullish reversal from 0.1041 and the 61.8% retracement at 0.1067, this pattern may provide a testable framework. The current price action aligns with this strategy, and a confirmation above 0.1067 could validate a longer-term bullish setup.