0G/USDC Market Overview: Strong Bullish Reversal and Expansion in 24-Hour Session

• 0G/USDC surged 20.8% in 24 hours, closing at $3.009 after forming bullish continuation patterns post-early consolidation.
• Momentum accelerated during overnight hours with RSI above 60 and MACD divergence confirming bullish divergence.
• Volatility expanded as price moved from $2.66 to $3.296, with volume surging to $1.92M in final 4-hour candle.
• Bollinger Bands showed expansion after a morning consolidation period, with price holding above the 20-period SMAs.
• Fibonacci retracements indicate 61.8% level at $2.95 could hold as dynamic support if downward correction follows.

24-Hour Summary and Key Levels

0G/USDC opened at $2.671 on 2025-10-02 12:00 ET and closed at $3.009 on 2025-10-03 12:00 ET, with a high of $3.296 and low of $2.635. The 24-hour volume was 1,040,613.16 and total turnover (notional value) reached $2,910,185. The price action showed a strong bullish reversal after a morning consolidation period, followed by a sustained expansion in volatility and volume during the overnight Asian and European sessions.

Structure and Key Levels

The 15-minute OHLC data revealed a key support cluster forming between $2.94–$2.98 after a bearish correction in the afternoon. A strong bullish engulfing pattern appeared at the $2.98–$3.03 level around 06:00–08:00 ET, followed by a large bullish candle with high volume at $3.08–$3.12. Resistance levels are forming at $3.03–$3.08, with further levels at $3.12 and $3.18. A bearish harami appeared around 10:15 ET, but it was quickly reversed by a large bullish candle.

Moving Averages and Momentum

On the 15-minute chart, the 20-period and 50-period SMAs crossed in a bullish crossover around 02:30 ET, confirming the strength in the upward move. The price stayed above both moving averages during the final 6 hours of the session. On the daily chart, the 50/100/200-period SMAs are in a bullish alignment, with the 100-day SMA at $2.89 and 200-day SMA at $2.78 both well below current levels. The RSI closed at 68, indicating strong momentum, and MACD showed a positive divergence in the final 4 hours, reinforcing the bullish trend.

Bollinger Bands and Fibonacci Retracements

Bollinger Bands showed a period of contraction between 14:00 and 17:00 ET, followed by a significant expansion after the $3.00 level was breached. Price closed the session near the upper band, suggesting continued upward momentum but with a potential risk of a consolidation phase. Fibonacci retracement levels from the $2.63–$3.29 swing indicate 38.2% at $2.98 and 61.8% at $2.95 as potential support zones. The 100% level at $3.42 remains a distant upside target.

Volume and Turnover Analysis

Volume spiked during key bullish reversals, particularly at the $3.00–$3.15 level with a total volume of 373,443 and turnover of $1,140,000 in a single 15-minute candle. A divergence in volume and price was observed during the bearish pullback from $3.29 to $3.00, with volume declining despite the price drop, suggesting the bearish move was weak. The final 4-hour candle from 08:00 to 12:00 ET showed a combined volume of 442,079 and turnover of $1,305,000, reinforcing the bullish breakout.

Forward Outlook and Risk

The 24-hour session was marked by a strong reversal and expansion in volatility. If the $3.00–$3.08 consolidation is confirmed, a test of $3.15–$3.25 could follow, but a pullback to the 61.8% Fibonacci level at $2.95 would test the strength of the trend. A breakdown below $2.94 could trigger a larger correction into the $2.85–$2.88 range.

Backtest Hypothesis

Given the observed bullish engulfing patterns and the strong volume confirmation in the $3.00–$3.15 range, a potential backtest strategy could be to enter long on a breakout above $3.03 with a stop-loss placed below $2.98. A trailing stop could be placed below each swing low after the breakout. This approach would align with the 50/100-period SMA trend and RSI divergence observed in the final hours of the session. Historical data suggests that volume spikes in such setups often correlate with a high probability of continuation, particularly when the breakout is supported by a strong bullish divergence in momentum indicators.