Market Overview for 0G/USDC on 2025-10-05

• 0G/USDC traded lower in 24 hours, closing below the opening price with strong bearish momentum.
• RSI moved into oversold territory, while volume spiked during a sharp rebound in late trading.
• A key support level appeared at ~2.91–2.93 as price bounced off it twice in the last 6 hours.
• Volatility expanded during a 0.7% drop in the early morning, followed by a consolidation phase.
• The 15-minute chart showed a bearish engulfing pattern before a late rebound failed to confirm a reversal.

0G/USDC opened at 2.936 on 2025-10-04 at 16:00 ET and closed at 2.916 by 12:00 ET on 2025-10-05. The pair traded between 2.864 and 3.093, with total volume of 481,465.79 and turnover of $1,367,688.72 over the 24-hour period.

Structure & Formations

Price action displayed a bearish bias over the past 24 hours, with a key bearish engulfing pattern forming in the early morning session as 0G/USDC fell from 2.962 to 2.894 in a single 15-minute bar. This was followed by a modest rebound that failed to close above the prior highs, indicating a lack of conviction. A doji formed near 2.915 in the late afternoon, suggesting indecision and potential exhaustion in the short-term bear move. Key support levels have formed around 2.91–2.93 and 2.89–2.90, with the 2.95–2.96 area showing resistance from earlier in the day.

Moving Averages & Indicators

The 20-period and 50-period moving averages on the 15-minute chart were in a steep downtrend, reflecting the bearish momentum. Over the past 24 hours, the 50-period MA remained above the 20-period MA, reinforcing the bearish signal. The MACD crossed into negative territory and showed a bearish divergence with the price action. RSI dropped below 30, indicating oversold conditions, but failed to trigger a meaningful rebound. Bollinger Bands expanded during the 0.7% decline and have since contracted as price found a short-term floor around 2.91–2.93.

Volume & Turnover

Volume spiked during the early morning sell-off, with the largest single 15-minute bar showing a 10% drop in price and over $100,000 in turnover. This was followed by a sharp rise in volume during the late afternoon rebound, as price bounced off the 2.91–2.93 level. However, the volume failed to confirm a strong reversal as the bar closed slightly lower than it opened. The total notional turnover was relatively high during the session, indicating active participation, particularly from institutional players during the price swings.

Fibonacci Retracements

Applying Fibonacci retracement levels to the most recent 15-minute move (from 3.093 down to 2.864), the 61.8% level came in at approximately 2.924, which coincided with a key support level observed in the chart. The 38.2% retracement level at ~2.962 also acted as a resistance zone during the afternoon and early evening. On the daily timeframe, the 61.8% retracement of the previous bear move (from 3.15 to 2.85) sits at 2.94, suggesting a potential area of interest if the pair resumes an upward trend in the next 24–48 hours.

Backtest Hypothesis

A backtest strategy based on a combination of RSI oversold conditions and key Fibonacci levels could be applied to 0G/USDC. For instance, entering a long position when RSI drops below 30 and price bounces off a 61.8% Fibonacci retracement level (currently ~2.924) could be a viable setup. A stop-loss could be placed below the 2.89–2.90 support zone, with a take-profit target at the 50% retracement level (~2.96). The recent price action suggests that such a strategy might offer a risk-reward ratio of approximately 1:1.5 during periods of moderate volatility.