Boundless/USDC Market Overview

• Price declined sharply after a brief rebound, closing 24h at 0.2711.
• Volatility surged during a major selloff, with over $340k turnover in a single candle.
• Momentum indicators suggest oversold conditions, though bearish pressure remains high.
• Bollinger Bands show a sharp expansion, indicating heightened market uncertainty.
• A potential double-bottom pattern forms near 0.27, but breakout confirmation is pending.

Boundless/USDC (ZKCUSDC) opened at 0.3038 on 2025-10-08 at 12:00 ET and reached a high of 0.3143 before declining to a low of 0.2665. The 24-hour close at 12:00 ET was 0.2711. Total trading volume was 1,370,728.9 units, with a notional turnover of approximately $381,831 (assuming average price of 0.279).

The candlestick pattern over the past 24 hours displayed a bearish bias, marked by a sharp correction following a short-lived bullish attempt. Notable support levels emerged near 0.276 (38.2% Fib) and 0.270 (61.8% Fib), with resistance forming at 0.28–0.282. A potential double-bottom pattern is forming around 0.27, but confirmation via a decisive close above 0.275 is needed for bullish continuation. A doji formed near 0.277–0.278, signaling indecision.

Momentum indicators showed mixed signals. RSI hit oversold territory near 30 by the end of the period, hinting at potential mean reversion, while MACD showed bearish divergence, with the line and histogram remaining negative despite the RSI rebound. The 20- and 50-period moving averages on the 15-minute chart remained bearish, with price falling below both. Daily moving averages (50/100/200) also trended downward, reinforcing the bearish bias.

Bollinger Bands expanded significantly during the sharp selloff, suggesting a high-volatility environment. Price briefly tested the lower band at 0.2665–0.267 and bounced, but failed to follow through. On the other hand, volume spiked during the 0.275–0.2665 selloff, with one candle alone accounting for $340,000 turnover. This suggests strong selling pressure and a lack of immediate buyers in the key support zone.

The Fibonacci retracement levels from the recent high (0.3143) to the low (0.2665) highlight critical price levels. 38.2% at 0.292 and 61.8% at 0.279 are key psychological thresholds. The 50% Fib level at 0.2903 appears to have failed as a short-term support, with price breaking below it and falling further into oversold territory.

Backtest Hypothesis
Given the bearish divergence in MACD, the oversold RSI, and the strong volume spikes during the selloff, a potential backtest could target a short position upon a close below 0.272 (support breakdown) with a stop-loss near 0.275 and a target at 0.265. The double-bottom pattern at 0.27 may offer a bullish play on a retest and breakout above 0.275, with a stop just below the pattern base.