Market Overview for 0G/USDC on 2025-10-08

• Price declined by 7.3% over the last 24 hours, opening at 2.92 and closing at 2.77.
• Key resistance appears at 2.91–2.95, with support forming at 2.80–2.85 and 2.75–2.78.
• Strong bearish momentum confirmed by RSI divergence and MACD bearish crossover.
• Volatility remained elevated with price fluctuating between 2.72–2.95.
• Volume surged in the early hours of the session, confirming the breakdown from key resistance.

0G/USDC opened at 2.92 at 12:00 ET−1 and closed at 2.77 at 12:00 ET today, with a high of 2.95 and a low of 2.72. Total trading volume over the past 24 hours was 320,453.38, with a notional turnover of approximately $910,179. The pair exhibited a clear bearish bias during the session, breaking below key support levels.

Structure & Formations

The price action over the past 24 hours shows a strong bearish bias, with multiple bearish engulfing patterns confirming the breakdown from 2.91–2.95. A significant bearish reversal candle formed around 2.91 as price dropped sharply into the 2.85–2.80 zone. The most recent support levels established at 2.78–2.75 appear to be holding, but a break below 2.75 could accelerate further declines. Notable bullish divergence is emerging from the 2.72–2.75 zone, suggesting a potential short-term reversal may be near.

Moving Averages

On the 15-minute chart, the price closed below both the 20 and 50-period moving averages, reinforcing bearish momentum. On the daily chart, the 50- and 100-period EMAs are converging lower, indicating ongoing bearish pressure. The 200-period SMA remains above the current price, suggesting the pair may still be in a longer-term downtrend. A retest of the 50-period EMA could offer a short-term reversal signal if buyers step in.

MACD & RSI

The MACD crossed below the signal line, forming a bearish crossover, and remains in negative territory, indicating continued selling pressure. RSI has dipped into oversold territory below 30, suggesting some near-term exhaustion in the downtrend. However, the lack of bullish divergence in the RSI implies bearish momentum may persist. A reversal above the 2.78–2.80 zone would be needed to confirm a potential bullish bounce.

Bollinger Bands

Price has remained in a wide channel within the Bollinger Bands, with volatility expanding as the bands widened during the sharp decline. The current price of 2.77 sits near the lower band, reinforcing the oversold condition. A break above the midline at 2.83 would signal a potential rebound, but a sustained close below 2.75 would indicate further bearish pressure.

Volume & Turnover

Volume spiked early in the session as price broke below key resistance, confirming the breakdown. Turnover was notably higher in the 2.91–2.85 range compared to the later hours. Divergence between price and volume was observed after 04:00 ET, as price continued lower but volume decreased, suggesting diminishing bearish conviction. However, the early morning volume confirms the bearish bias.

Fibonacci Retracements

Applying Fibonacci to the recent 15-minute high of 2.95 and low of 2.72, key levels are at 2.86 (38.2%), 2.82 (50%), and 2.79 (61.8%). The 2.79 level appears to be acting as a short-term floor. On the daily chart, the 50% retracement aligns with 2.84, which could be a potential target for a bounce if the trend reverses.

Backtest Hypothesis

A potential backtesting strategy involves entering short positions on a break below the 2.85–2.80 support zone, with a stop-loss placed above the 50-period EMA and a target at the 2.72–2.75 level. This approach leverages confirmed bearish candlestick formations, a bearish MACD, and oversold RSI as confirmation signals. Long positions could be triggered on a close above 2.85 with positive volume confirmation and RSI divergence, aiming for a retest of 2.88–2.91. This strategy would aim to capture directional moves during periods of high volatility and clear trend confirmation.