SYNUSDC Market Overview: Strong Bullish Momentum Amid Volatility and Overbought RSI

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• Price surged 5.6% in 24 hours, closing at 0.1371 after reaching a high of 0.1386 amid strong bullish momentum.
• RSI hit overbought territory (70+), indicating potential short-term correction ahead.
• Volume spiked during early morning hours, confirming strength in the upward move.
• Bollinger Bands showed a wide expansion, reflecting increased volatility.
• Key support at 0.1340 was tested and held, with resistance now at 0.1380.

Synapse/USDC (SYNUSDC) opened at 0.1273 at 12:00 ET − 1, surged to a high of 0.1386, and closed at 0.1371 at 12:00 ET. The pair recorded a total volume of 1,124,910.2 and a notional turnover of approximately 151,215.1 USDC over the 24-hour period. Price has formed a strong bullish trend with a breakout above prior resistance levels.

Structure & Formations

The candlestick formation from 03:00 to 07:00 ET suggested a continuation of the bullish trend with a series of higher highs and higher lows. A notable bullish engulfing pattern emerged around 04:00–05:00 ET, reinforcing the uptrend. Key support levels are evident at 0.1340 and 0.1325, while resistance has formed at 0.1380 and 0.1395. A doji near 08:00 ET indicated potential exhaustion or consolidation.

Moving Averages

On the 15-minute chart, the 20- and 50-period moving averages are in a bullish crossover, supporting a continuation of the upward trend. The daily chart shows the 50-period MA above the 200-period MA, suggesting a longer-term bullish bias. However, a divergence between the 50 and 100-period MA may hint at a potential slowdown in the near term.

MACD & RSI

The MACD has remained positive with a strong histogram, indicating ongoing momentum. However, the RSI has entered overbought territory (currently ~70), signaling that the pair may be due for a short-term pullback or consolidation phase.

Bollinger Bands

Bollinger Bands have expanded significantly over the past 24 hours, reflecting increased volatility. Price has spent time at the upper band, indicating strong buying pressure. A contraction in the bands may occur after the current overbought condition resolves, potentially leading to a consolidation phase before the next directional move.

Volume & Turnover

Volume surged during the early morning hours (02:00–08:00 ET), especially around the breakout above 0.1360. This volume confirms the strength of the bullish move. However, recent volume has shown a slight decline while price continues higher, indicating a possible divergence. This could signal a potential near-term correction.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent 15-minute swing from 0.1273 to 0.1386, price currently rests near the 76.4% level. The 61.8% retracement (~0.1345) may offer a key support area if the current bullish momentum stalls. On the daily chart, Fibonacci levels from the major swing low to high suggest a potential target near 0.1415.

Backtest Hypothesis

A potential strategy could involve entering long positions at the first 15-minute candle close above a bullish engulfing pattern, provided the RSI remains above 50 and the 20-period MA is rising. A stop-loss is placed below the nearest Fibonacci support (e.g., 61.8% retracement), and a take-profit is set at the 76.4%–88.6% retracement zone. Given today’s price action and volume confirmation, this strategy aligns well with the observed bullish continuation pattern.