BANANAS31USDC Market Overview

• Price declined 11.2% on 24-hour volume of 13.3M with a low at 0.002836
• Volatility expanded through Bollinger Bands as RSI approached oversold territory
• Negative divergence in MACD and bearish engulfing pattern signaled downward momentum
• High trading volume clustered in late-night selloffs after key resistance failed
• Fibonacci retracement at 0.002897 could be a near-term support to watch

Banana For Scale/USDC (BANANAS31USDC) opened at 0.002926 on 2025-11-01 at 12:00 ET, peaked at 0.002968, and closed at 0.002852 on 2025-11-02 at 12:00 ET. The 24-hour trading volume totaled 13.3 million contracts, with notional turnover reaching $37,948,355. Price action displayed bearish momentum, with a key resistance at 0.002952 failing after a brief test in early morning.

Structure & Formations

Price action on the 15-minute chart displayed a bearish trend with a key resistance level at 0.002952 failing to hold. A bearish engulfing pattern formed in the early hours of 2025-11-02, signaling a strong shift in sentiment. Additionally, a doji appeared near 0.002919, highlighting indecision during the selloff. Notable support levels include 0.002881 and 0.002836, the latter acting as a strong floor during the session's climax.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages showed a bearish crossover, with the 20SMA crossing below the 50SMA in the morning. On the daily chart, the 50-period and 200-period moving averages showed a bearish alignment, with the price below both, reinforcing the downtrend. The 100-period MA provided a minor floor around 0.002897, coinciding with Fibonacci retracement levels.

MACD & RSI

The MACD turned negative early in the session and remained bearish, with the signal line crossing below the histogram. RSI fell into oversold territory below 30, suggesting the possibility of a near-term bounce. However, the RSI divergence with price action (lower highs on higher RSI readings) indicated that the bearish momentum could continue despite the short-term oversold signal.

Bollinger Bands

Price traded near the upper band early in the session, followed by a sharp pullback that took prices below the lower band by late evening. The volatility expansion seen in the bands suggests a continuation of the current trend is more likely than consolidation. Prices remain near the lower band as the session closes, indicating a potential test of support levels in the coming days.

Volume & Turnover

The largest volume cluster was recorded during the late-night selloff, with over 2.9 million contracts traded around 0.002836–0.002852. The total notional value traded during this period was $8,176,251, indicating strong selling pressure. Price and volume action aligned during the decline, suggesting conviction in the bearish move.

Fibonacci Retracements

Key Fibonacci retracement levels were defined by the swing high at 0.002968 and the swing low at 0.002836. The 0.618 level at 0.002897 acted as a minor support, while the 0.382 level at 0.002930 failed to hold. Price is now testing the 0.002836 low, which may provide a temporary base if buyers emerge.

Backtest Hypothesis

Given the RSI divergence and oversold readings, a potential backtest strategy could involve monitoring RSI crossovers above 30 for a possible bounce. However, confirmation through a price rejection at the 0.002836 level would be necessary before considering long bias. A standard 14-period RSI setup crossing the overbought threshold (RSI ≥ 70) could also be tested for shorting opportunities if the downtrend persists. The specific ticker "BANANAS31USDC" should be verified against a data source to ensure accuracy before backtesting.