Boundless/USDC (ZKCUSDC) 24-Hour Market Overview

• ZKCUSDC dropped 17.6% over the past 24 hours, closing near 0.7048 after a sharp correction from 0.8554
• RSI approached oversold territory, suggesting potential short-term buying interest despite weak momentum
• Volatility spiked during early ET hours, with peak turnover around 0.8253 and diverging volume patterns
• A bearish engulfing pattern emerged near 0.8253, followed by a test of the 0.8167 support level
• Price has been oscillating inside contracting Bollinger Bands, signaling a potential breakout or consolidation

Boundless/USDC (ZKCUSDC) opened at 0.8427 on 2025-09-21 at 12:00 ET and closed at 0.7048 on 2025-09-22 at 12:00 ET. The pair reached an intraday high of 0.8554 and a low of 0.6968, marking a 17.6% correction over the 24-hour period. Total volume traded in the ZKCUSDC pair was approximately 1,898,724.6 USDC, with notional turnover amounting to roughly $1,335,247.7, based on the weighted average price of the dataset.

The price action formed a distinct bearish trend, characterized by a strong decline from the 0.8554 high, followed by a test of the 0.8167 support and a retest at 0.7048. A bearish engulfing pattern emerged at 0.8253, suggesting a potential continuation of the downward trend. The 0.8167 level served as a key psychological and technical support, and while price briefly bounced off it, the overall sentiment remains bearish. A key resistance appears to be forming near 0.7396, which could act as a short-term ceiling should buyers attempt a recovery.

Relative Strength Index (RSI) has fallen into oversold territory (below 30), indicating a potential short-term bounce, but MACD remains bearish with the signal line crossing below the histogram, reinforcing the downward bias. Bollinger Bands are currently in a contraction phase, suggesting a period of consolidation or a possible breakout in either direction. The 20-period and 50-period moving averages are both sloping downward, while the 100-period and 200-period moving averages on daily charts continue to confirm the broader bearish trend. The Fibonacci 61.8% level at 0.7142 is a critical area to watch for further support or rejection.

Fibonacci retracement levels from the recent high (0.8554) to low (0.6968) show key levels at 0.7416 (38.2%), 0.7142 (61.8%), and 0.7048 (78.6%). Price has been oscillating around the 61.8% level and appears to have found temporary support at the 78.6% level. A break below 0.7048 could trigger further declines toward 0.6769 (Fib 88.6%). On the 15-minute chart, the 0.7043–0.7071 range has become a critical support zone, with a potential reversal signal forming if volume increases on the next upward move.

Backtest Hypothesis

A potential short-term trading strategy could be to enter a long position when price breaks above the 0.7048 level with a surge in volume, signaling a possible reversal from oversold conditions. A stop-loss could be placed just below the recent low at 0.6968, with a take-profit target at 0.7161 (the previous high on 2025-09-22). Given the RSI reading in oversold territory and a potential breakout from consolidating Bollinger Bands, this approach may capture a short-term rebound. However, traders should remain cautious of a continuation in the bearish trend if the 0.7048 support fails. The key is to confirm the breakout with volume and not rely solely on price action.