BANANAS31USDC Market Overview – 2025-10-31

Generated by AI AgentTradeCipherReviewed byAInvest News Editorial Team
Friday, Oct 31, 2025 7:04 pm ET2min read
Aime RobotAime Summary

- BANANAS31USDC dropped to 0.002728 after breaking key resistance, confirming support at 0.002728 with high volume.

- RSI hit oversold 27 by 17:45 ET, followed by a rebound to 55 as buying pressure emerged post-20:00 ET.

- A bullish engulfing pattern at 23:15 ET and 61.8% Fibonacci level testing signaled potential short-term recovery.

- Volatility spiked during consolidation, with 12M volume and $33,923 turnover reflecting choppy market dynamics.

• Price dropped from 0.002815 to 0.002728 amid increased bearish momentum and volume.
• A key support zone formed around 0.00272–0.00273, with price testing this range multiple times.
• Low volatility observed from 17:45–20:00 ET, followed by a sharp rebound after 20:00.
• RSI signaled oversold conditions by 17:45 ET, but buying pressure emerged after 20:00.
• A bullish engulfing pattern formed around 23:15 ET, hinting at short-term recovery.

Banana For Scale/USDC (BANANAS31USDC) opened at 0.002807 at 12:00 ET-1 and reached a high of 0.002909 before closing at 0.002909 at 12:00 ET. The 24-hour low was 0.002728. Total volume for the 24-hour period was 12,124,609.0, with a notional turnover of approximately $33,923. The market displayed a volatile 24-hour profile, marked by a bearish drop in the early afternoon, followed by a late rally.

The price action revealed a critical bearish breakdown from the 0.00280–0.00281 resistance level after 17:30 ET, confirming the 0.002728 support level by 18:00. This breakdown coincided with a volume spike of 2,319,939.0, suggesting strong bearish conviction. A consolidation phase followed until 20:00 ET, when a sharp rebound began, indicating potential short covering and renewed buying interest. Key resistances were observed at 0.002815 and 0.00285, with the latter acting as a temporary cap before the final rally.

Moving averages on the 15-minute chart showed the 20-period MA below the 50-period MA for most of the session, reinforcing the bearish bias. However, both lines crossed above the price during the final 6 hours, suggesting a shift in momentum. On the daily chart, the 50-period MA sits just below the current price, while the 200-period MA remains as a critical long-term support level. MACD showed bearish divergence during the initial decline but turned positive during the late rebound, aligning with price action. RSI hit an oversold level of 27 by 17:45 ET before rebounding to 55 by 12:00 ET, reinforcing the late bullish bias.

Bollinger Bands contracted between 17:45 and 20:00 ET, signaling low volatility, before expanding with the late rally. Price tested the upper band at 0.002909 just before the 12:00 ET close, suggesting a possible overbought scenario. Volume and turnover were generally aligned with price action, with no significant divergences observed. Fibonacci retracement levels from the key 0.002728–0.002909 swing showed the 61.8% level at 0.002834, which was briefly tested twice, acting as resistance during the rebound.

A potential backtest could be conducted using the RSI-based strategy described: entering a long position when RSI crosses above 70 and exiting when it drops below 70. This could be particularly relevant for BANANAS31USDC, given its volatile and choppy nature. A historical RSI-based strategy might have captured the late-day rebound in this case. However, caution is advised as overbought readings in this market can persist for extended periods, and false signals may occur. The key to success in applying this strategy would be filtering signals by volume and price structure, as seen in the 23:15 ET bullish engulfing candle.