Market Overview: Boundless/USDC (ZKCUSDC) on 2025-10-22

• Price declined from 0.2379 to 0.2182, showing bearish momentum over the 24-hour period.
• RSI and MACD suggest oversold conditions near 0.2180, with potential for a near-term bounce.
• Volatility remained low, with Bollinger Bands constricting toward the end of the window.
• Strong bearish volume confirmed price weakness during key breakdowns in the second half of the day.
• A 0.2210–0.2230 zone could act as short-term support, with further downside risk below 0.2160.

The ZKCUSDC pair opened at 0.2317 (12:00 ET − 1) and reached an intraday high of 0.2379 before retreating to a 24-hour low of 0.2182, closing at 0.2194 as of 12:00 ET. Total traded volume amounted to approximately 994,342.9 with a turnover of $223,129.47. The market displayed consistent bearish bias, with several engulfing patterns and a breakdown below key psychological support levels.

The structure of the price action over 15-minute intervals revealed a strong bearish bias after 19:00 ET, where the price formed a series of lower highs and lower lows. A bearish engulfing pattern formed around 19:15 ET, confirming the breakdown from 0.2310 to 0.2300. Key support levels now appear at 0.2210–0.2230, while resistance is likely to remain tested around 0.2300–0.2320. The Fibonacci retracement levels from the 0.2379–0.2182 swing suggest 0.2255 as a 23.6% level and 0.2218 as the 61.8% level—both areas could see increased interest in the near term.

Moving averages on the 15-minute chart saw the price close below both the 20 and 50-period lines, reinforcing the bearish trend. The 50-period MA is currently at 0.2232 and is expected to provide some short-term resistance if buyers step in. On the daily chart, a similar bearish setup is in place, with the price trading below the 50, 100, and 200-period moving averages. This suggests that the broader trend remains bearish unless a decisive break above the 50-period MA can occur.

The RSI dipped into oversold territory below 30 for several hours, peaking at around 27.5 as of 05:30 ET, indicating a potential short-term reversal. However, the failure to hold above 0.2210 after 09:00 ET suggests that bearish momentum remains strong. The MACD line crossed below the signal line in early trading and remained in negative territory, signaling weak momentum. Bollinger Bands showed a contraction phase earlier in the day, but expanded as volatility picked up after 17:00 ET. The price has spent much of the period near the lower band, suggesting a continuation of the bearish trend is likely.

The backtest hypothesis involves detecting bearish engulfing patterns since 2022-01-01 and using a 14-period RSI as a close signal when RSI ≤ 30. This strategy would look to open short positions on such patterns and close them when RSI reaches oversold levels, aiming to capture short-term bearish moves. The performance of this strategy will be benchmarked against a HOLD.P (Harbor Alpha Layering ETF) and evaluated for risk-adjusted returns. To proceed, a recognized ticker symbol is required for data consistency. Investors should be aware that this approach may miss larger trends if bearish signals are infrequent or delayed.