BANANAS31USDC Market Overview

• Banana For Scale/USDC (BANANAS31USDC) drifted lower on the 24-hour chart amid declining momentum and volume consolidation.• Key support tested at 0.003222, while resistance reformed around 0.00326–0.00328 as bullish attempts stalled.• Volatility remained subdued, with price range per 15-minute candle averaging ~0.000034 (±1.05%) and no clear directional bias.• Divergence between price and turnover highlights mixed buyer/seller sentiment, particularly in the post-midnight recovery attempt.• No definitive reversal or continuation pattern emerged, suggesting range-bound trading likely to persist.

Price Action and Range Profile

Banana For Scale/USDC (BANANAS31USDC) opened at 0.003277 on 2025-10-23 12:00 ET and closed at 0.003245 on 2025-10-24 12:00 ET, forming a bearish 0.000032 (–0.94%) daily range. The high reached 0.003288 during the 06:45–07:00 ET session, while the low of 0.003177 occurred in the early afternoon. Total volume over the 24-hour period was 12,040,681.0 with a notional turnover of approximately $38,613.54 (assuming 1 USDC = $1). Price action appears to have entered a consolidation phase, with no significant directional bias emerging from the OHLCV data.

Structure & Key Levels

The price has formed a series of descending pivot points over the 24-hour period, indicating a weakening in the short-term bullish momentum. Notable support levels appear at 0.003222 and 0.003209, both of which were tested in the late morning and early afternoon hours. A potential resistance zone has reformed in the 0.00326–0.00328 area, with multiple failed attempts to break above this range. A doji formed near 0.003232 in the early morning hours, signaling indecision. The 0.003245 level appears to act as a psychological midpoint and could see renewed buying or selling pressure in the near term.

Moving Averages

A 20-period and 50-period moving average on the 15-minute chart show a bearish crossover, suggesting downward momentum. On a daily timeframe, the 50-period and 200-period moving averages appear to be converging around 0.00325, with the 100-period line slightly above that. This may indicate a potential support/resistance confluence zone in the near future. A crossover of these lines would likely signal a trend reversal, but currently, the 50-period is below the 200-period, indicating a bearish bias.

MACD and RSI Indicators

The MACD histogram has contracted, suggesting declining momentum, while the signal line remains below the histogram, reinforcing a bearish bias. RSI is hovering around 40–50 for much of the day, indicating neutral to mildly oversold conditions, though no clear overbought or oversold levels have been reached. A reading below 30 could indicate oversold conditions, which historically might attract buyers, but the overall trend remains bearish. The MACD histogram may expand further if price continues to drift lower, which could confirm bearish momentum for the next 24 hours.

Bollinger Bands and Volatility

Bollinger Bands have remained relatively narrow throughout the 24-hour period, indicating low volatility. Price has spent much of the session between the middle and lower band, suggesting a continuation of consolidation. A breakout above the upper band (currently around 0.003285) could signal renewed bullish momentum, while a drop below the lower band (around 0.003205) may indicate a deeper correction. The narrow banding may suggest a period of low trading activity or uncertainty in the market, which could persist for the next 24 hours.

Volume and Turnover Analysis

Volume has remained relatively flat, with no major spikes observed in the 24-hour data. Notional turnover has also been relatively consistent, with no sharp increases or divergences. A volume spike of 2,797,005.0 occurred around the 12:45 ET session as the price reached a daily high of 0.003289, which could indicate increased selling pressure at higher levels. The lack of volume during the afternoon and early evening hours may suggest a lack of conviction in either direction, with traders waiting for clearer signals before committing capital.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent 15-minute swings shows that the price has tested key levels around 0.003222 and 0.00326. The 61.8% retracement level aligns with the 0.00325 mark, which could act as a critical level in the coming 24 hours. A break above this level may lead to a retest of the 0.003265–0.00328 range, while a break below 0.003209 could lead to further downside to 0.003194. These levels should be closely monitored for potential directional clues.

Backtest Hypothesis

The request to calculate the RSI for BANANAS31USDC has highlighted a data availability issue, as the ticker could not be found in the current data source. Given the importance of RSI in identifying overbought (>70) and oversold (<30) conditions, a valid data feed is essential to running an effective backtest strategy. If the correct symbol is confirmed or additional data provided (e.g., CSV/JSON), a backtest can be executed using RSI(14) to generate actionable trading signals. This strategy would involve opening long positions when RSI falls below 30 and closing them when it rises above 70, with performance metrics calculated from 2022-01-01 through today. A clean data source will ensure accurate and reliable results for further analysis and decision-making.