BANANAS31USDC Market Overview

• Price declined from 0.002861 to 0.002693 over 24 hours, with bearish momentum intensifying in the second half.
• High volume periods coincided with sharp declines, particularly between 23:00 and 00:45 ET.
• RSI dropped below 30, suggesting oversold conditions and potential for consolidation or reversal.
• Bollinger Bands widened during the session, reflecting increased volatility in bearish phases.
• A key support level formed near 0.002685–0.002690, where price has bounced twice in the past 12 hours.

The Banana For Scale/USDC pair (ticker: BANANAS31USDC) opened at 0.002861 on 2025-11-02 at 12:00 ET and closed at 0.002693 on 2025-11-03 at 12:00 ET. The price reached a high of 0.002898 and a low of 0.00248 during the 24-hour period. Total volume amounted to 79.93 million tokens, while notional turnover reached $217.5 thousand (at USD price of 0.0027 average). Price action was characterized by a bearish continuation bias, particularly evident in the late evening and overnight hours.

The 15-minute chart showed a number of bearish reversal patterns, including a bearish engulfing candle at 00:15 ET and a dark cloud cover at 05:30 ET. These signals reinforced the downward trend. Notable support was found around 0.002685–0.002690, where price temporarily found a floor during a sharp decline. Resistance levels at 0.00272–0.00275 appeared to cap earlier attempts to rally.

The 20-period and 50-period moving averages on the 15-minute chart both remained above price, reinforcing the bearish bias. The 50-period MA crossed below the 20-period MA, forming a bearish “death cross” signal. On the daily chart, the 50/100/200 MA all appear to be trending lower, maintaining a bearish alignment. Price has yet to retest key moving averages for any meaningful bounce, suggesting further support testing may be ahead.

Momentum indicators confirmed bearish pressure. The MACD crossed into negative territory and remained below the signal line for most of the session. RSI dropped below 30 and traded in oversold territory for over four hours, hinting at potential short-term consolidation or a bounce. However, divergence between price and RSI remains a concern, particularly in the later hours of the session, where price continued to fall despite RSI stabilizing slightly. Bollinger Bands showed increasing volatility, with price frequently touching the lower band and suggesting that volatility may continue to expand in the near term.

The Fibonacci retracement levels applied to the 15-minute chart suggest that the key retracement levels to watch include 38.2% at 0.002675 and 61.8% at 0.002705. These levels could act as either support or resistance depending on the direction of the next swing. On the daily chart, the 61.8% retracement of the recent decline sits near 0.002695, which could be a critical area for potential consolidation or reversal if the market begins to stabilize.