Synapse/USDC Market Overview – 2025-11-01

• Synapse/USDC (SYNUSDC) declined 7.3% over 24 hours, closing near intraday lows amid fading momentum and declining volume.
• Key support levels held at $0.0738–$0.0742, with a potential bullish reversal attempt forming in late ET hours.
• Volatility expanded during the night ET, but price failed to break above $0.0748, highlighting bearish dominance.
• RSI reached oversold territory, suggesting a short-term bounce is possible, but MACD remains bearish.
• High-volume bearish engulfing patterns in the morning ET confirmed the ongoing downward bias.

SYNUSDC opened at $0.0754 on 2025-10-31 12:00 ET, reached a high of $0.0776, a low of $0.0724, and closed at $0.0757 by 2025-11-01 12:00 ET. Total volume over 24 hours was 1,069,630. Total turnover was $80,637. Price action showed a volatile bearish bias in the morning, followed by a late rebound.

Structure & Formations

The 24-hour OHLCV data for SYNUSDC displayed a distinct bearish bias in the early hours of ET, with a sharp decline from $0.0762 to $0.0724. Notable bearish engulfing patterns appeared at $0.0748 and $0.0736, confirming downward pressure. In the late ET session, the price found a pivot near $0.0738 and staged a modest recovery. Key support levels include $0.0738–$0.0742, while resistance remains at $0.0748 and $0.0755. A bullish reversal pattern, such as a hammer, may be forming near $0.0738, suggesting potential short-term buying interest.

Moving Averages

Over the 15-minute chart, the 20-period and 50-period moving averages (20/50 EMA) crossed below price in the early ET decline, confirming bearish momentum. The 50/100/200 daily EMA lines suggest a stronger bearish bias. Price has not yet crossed above the 50 EMA, which remains a critical line for near-term sentiment.

MACD & RSI

The MACD line remained negative throughout the session, with bearish divergences forming during the morning decline. RSI dropped below 30 in the late ET hours, indicating oversold conditions, which may encourage short-term buyers. However, the MACD histogram has not shown a reversal, suggesting that momentum may remain bearish unless RSI gains further strength above 40.

Bollinger Bands

Volatility expanded as price hit the lower band of the Bollinger Band in the morning ET and remained near the lower band for much of the session. Late ET saw a pullback toward the middle band, indicating a potential retest of $0.0748. A break above the upper band remains unlikely unless the price retests the 50 EMA with high volume and strong RSI recovery.

Volume & Turnover

Volume was highest in the morning ET decline, particularly between $0.0748 and $0.0736, where bearish engulfing patterns formed. The highest 15-minute volume occurred at $0.0736, with 110,809.4 units traded. Turnover peaked at $0.0762 with $8,467 in notional value. Divergences between price and volume are limited, with volume confirming the bearish move. The late ET rebound saw modest volume, suggesting that buying pressure may be limited.

Fibonacci Retracements

Applying Fibonacci retracement to the major swing low at $0.0724 and the swing high at $0.0762, the 38.2% retracement level is at $0.0743 and the 61.8% level at $0.0749. Price tested both levels in the late ET rebound but failed to close above either. A retest of $0.0748 in the next 24 hours is possible, and a close above this level could suggest a short-term bullish bias.

Backtest Hypothesis

If the backtest strategy involves detecting every bullish-engulfing candlestick pattern on a specific tradable symbol, such as HOLD.P (Harbor Alpha Layering ETF), and entering a long position at the next day’s open with an exit three trading days later, a similar approach could be applied to SYNUSDC. For example, the bullish engulfing pattern observed near $0.0738 could be used as a buy signal, with an entry at the next 15-minute open and an exit three 15-minute candles later. The volume and RSI confirmation near that pattern would strengthen the signal. Applying this strategy to similar setups in the OHLCV data could help determine the effectiveness of using candlestick signals in a volatile crypto environment like SYNUSDC.