Synapse/USDC Market Overview (SYNUSDC)

• Price tested key support at 0.1105–0.1109, rebounded, and drifted higher toward 0.1124.
• Moderate volume observed during the overnight dip, followed by confirmation on the 0.1113–0.1123 rally.
• RSI and MACD showed mixed momentum, with no clear overbought or oversold signals over 24 hours.
• Bollinger Bands narrowed during the early dip, suggesting a potential breakout attempt later in the day.
• A bullish engulfing pattern formed near 0.1113, reinforcing short-term bullish bias.

At 12:00 ET – 1, Synapse/USDC opened at 0.112 and traded between 0.1093 and 0.1137 over the past 24 hours, closing at 0.1113 at 12:00 ET. Total volume reached 320,434.7, and notional turnover totaled 35,558.11 (based on volume * average price). The pair showed a defensive bias during the overnight hours before recovering midday.

Structure & Formations

The 15-minute chart revealed multiple key levels. A strong support cluster formed between 0.1105 and 0.1109, where price paused for several candles and rebounded. A bullish engulfing pattern appeared at 0.1113, signaling a short-term reversal after a prolonged bearish trend. A doji formed near 0.1117, suggesting indecision during a key consolidation phase. Resistance levels emerged at 0.1119, 0.1123, and 0.1128, with the latter showing strong rejection during a late-morning attempt.

Moving Averages and Momentum

The 20-period and 50-period moving averages on the 15-minute chart indicated a slightly bullish bias toward the end of the day, with price trending above both. MACD remained near the zero line, reflecting a tug-of-war between buyers and sellers. RSI oscillated between 45 and 55, staying in neutral territory without indicating overbought or oversold conditions.

Bollinger Bands and Volatility

Bollinger Bands contracted during the overnight low, narrowing to a 1.0% range, and expanded as price recovered during the day. Price spent most of the 24-hour period inside the bands, with a brief touch of the upper band at 0.1128. This suggests moderate volatility and potential for a breakout if price continues to push higher.

Volume & Turnover

Volume surged during the early morning dip, with a spike of 34,543.0 at 0.1102–0.1109, followed by a smaller confirmation rally. The largest single-volume candle occurred at 0.1123, with a trade volume of 34,205.0. Turnover aligned closely with volume, showing no significant divergence.

Fibonacci Retracements

Applying Fibonacci to the key swing from 0.1093 to 0.1128, 0.1113 marked the 38.2% retracement level and served as a pivotal point for reversal. The 61.8% level at 0.1116 became a key resistance ahead of 0.1123.

Backtest Hypothesis

The proposed strategy involves entering long positions on the formation of bullish engulfing patterns near key Fibonacci retracement levels (e.g., 0.1113) with confirmation from a rising RSI and a close above the 20-period moving average. A stop-loss is placed below the nearest support (e.g., 0.1109) and a target is set at 0.1123. This approach aligns with the observed price action, particularly the rally after the 0.1113 engulfing candle. Testing on historical data would help determine the win rate and risk-reward ratio, especially under current volatility levels.