BANANAS31USDC Breaks Below $0.0030 on Surging Volume

Summary
• Price formed multiple bearish engulfing and rejection patterns after 00:00 ET, indicating short-term pressure.
• A sharp drop from $0.003271 to $0.002884 was accompanied by massive volume, suggesting a key short-term breakdown.
• Volatility expanded significantly in early hours, with price moving more than 12% within 3.5 hours.
• RSI dropped below 20 in the early morning, signaling oversold conditions, but failed to trigger a meaningful rebound.
• Volume surged during the breakdown below $0.0030, confirming a shift in sentiment toward sellers.

Banana For Scale/USDC (BANANAS31USDC) opened at $0.003226 at 12:00 ET-1 and closed at $0.003048 at 12:00 ET, reaching a high of $0.003271 and a low of $0.002873 over the 24-hour period. Total volume was approximately 130.8 million units, with notional turnover of $406,849.

Structure & Key Levels

Price action formed bearish engulfing and dark cloud cover patterns in the early hours of the session, reinforcing bearish momentum. Key support levels were identified near $0.003010–$0.003020 and $0.002950–$0.002960, where price found temporary bids. Resistance appears to be entrenched at $0.003080–$0.003100, which price failed to reclaim after multiple attempts.

Trend and Momentum

The 20- and 50-period moving averages on the 5-minute chart remained bearishly aligned throughout much of the session, with price closing well below both. The 50-period daily line is also above the current level, indicating medium-term bearish bias. The MACD showed a wide bearish divergence, with the line and histogram both trending downward. RSI hit oversold territory in the early morning but failed to trigger a strong bounce, suggesting exhaustion on the buy side.

Volatility and Bands

Bollinger Bands expanded significantly during the sharp move down from $0.003271 to $0.002884, with price breaking below the lower band. This expansion highlights increased volatility and uncertainty. Price later traded back toward the center of the bands during the final hours, suggesting some consolidation.

Volume and Turnover

Volume spiked during the breakdown below $0.0030, particularly at 00:30 and 00:45 ET, confirming the shift in sentiment. However, price failed to retest the prior resistance zone with sufficient turnover, which could indicate fading conviction. Turnover also dropped significantly in the final 4 hours of the session, indicating reduced participation.

Fibonacci Retracements

Applying Fibonacci to the key intraday swing from $0.002873 to $0.003271, price retested the 61.8% level (~$0.003115) multiple times but failed to hold above it. A potential bounce may now look toward the 50% level at ~$0.003072, though bearish control remains strong.

Looking ahead, a retest of $0.003070–$0.003090 could provide a short-term opportunity to gauge renewed buyer interest. However, risks remain to the downside if the 50-period MA on the daily chart is broken and a reacceleration in selling pressure begins. Investors should closely watch volume and RSI for signs of a shift in momentum.