Boundless/USDC Market Overview for 2025-11-09

Summary
• Price opened at $0.1991, peaked at $0.206, and closed at $0.1972.
• Volume spiked after a bullish push but faded into bearish pressure.
• RSI suggests oversold conditions, though support may be near $0.1943.

Boundless/USDC (ZKCUSDC) opened at $0.1991 on 2025-11-08 12:00 ET, rose to a high of $0.206, and closed at $0.1972 by 2025-11-09 12:00 ET. Total volume over 24 hours was 618,902.5 with a turnover of approximately $120,425, based on the 15-minute OHLCV data. The pair experienced a sharp rebound into overbought territory before retreating with increasing bearish pressure.

Structure & Formations

Price formation highlighted a strong bullish engulfing pattern during the session's peak, followed by a bearish reversal at $0.2012. A large bearish candle from $0.201 to $0.1984 at 19:30 ET signaled potential exhaustion in the bullish trend. Key support levels emerged around $0.1943 to $0.1955, while resistance remained untested in the $0.202 to $0.2025 range.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart crossed into bearish alignment by late evening, indicating a shift in short-term momentum. On a daily timeframe, the 50-period MA remains above the 200-period, suggesting a more neutral to cautiously bullish bias, though this may weaken as the 50-period drifts downward.

MACD & RSI

RSI dipped below 30 in the final hours, suggesting oversold conditions, though momentum remains weak. MACD was not available for this pair due to missing data, but divergence in RSI and price action suggests the market could test lower levels in the near term.

Bollinger Bands

Bollinger Bands expanded during the session’s peak and later contracted as volume waned. Price closed just above the lower band at $0.1972, indicating potential for a rebound or consolidation around the $0.1951 to $0.1972 range.

Volume & Turnover

Turnover spiked during the bullish push at $0.206, confirming strong buying interest, but faded as the bearish phase gained momentum. Notional turnover in the bearish leg was relatively lower, suggesting lack of conviction in selling pressure.

Fibonacci Retracements

Fibonacci levels from the $0.1984 to $0.206 swing suggest key retracements at $0.2021 (38.2%) and $0.2003 (61.8%). Price held above the 61.8% level but retreated below it, increasing the likelihood of a test of the 38.2% retracement in the next 24 hours.

Backtest Hypothesis

A potential backtest strategy could focus on entering short positions upon a confirmed break below the $0.1943 Fibonacci level, with a stop-loss above $0.1955. A target could be placed near $0.1927, a prior swing low. This strategy would benefit from strong volume confirmation and a divergence in RSI.