Market Overview for Boundless/USDC (ZKCUSDC): 24-Hour Candlestick Analysis

• ZKCUSDC declined from 0.7515 to 0.6747 over 24 hours, with key bearish momentum in the first half.
• Volatility surged during a 15-minute candle spike to 0.7515, but price failed to hold above 0.71.
• Turnover spiked with the 15-minute high but diverged from price as volume waned during the decline.
• Bollinger Bands expanded sharply during the early rally, followed by a contraction as bearish pressure took over.
• RSI reached oversold territory in the final hour, hinting at short-term potential for a rebound.

Boundless/USDC (ZKCUSDC) opened at 0.6747 (12:00 ET – 1), reached a 24-hour high of 0.7515, and closed at 0.6747 at 12:00 ET. Total volume for the period was 5,648,855.6, while turnover (notional value) amounted to approximately $3,863,961. The asset experienced a sharp rally followed by a sustained bearish trend, with significant volatility and volume divergence observed in key intervals.

Structure & Formations

The candlestick pattern suggests a strong bearish reversal following an aggressive rally. A long upper shadow appeared during the 15-minute high (0.7515), indicating rejection at that level. A bearish engulfing pattern formed later in the session as price collapsed from 0.71 to 0.6747. A doji near 0.6807 suggested indecision in the middle of the decline, while multiple bearish hammers indicated ongoing downward pressure. Notable support levels emerged near 0.6747 and 0.6775, while resistance clustered at 0.71 and 0.7239.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages trended lower after the initial rally, reinforcing the bearish momentum. The daily chart shows the 50, 100, and 200-period averages all sloping downward, with price failing to cross above any of them during the 24-hour period. This suggests that the short-term and medium-term biases remain bearish, with limited upside potential in the immediate term.

MACD & RSI

The MACD line crossed below the signal line during the early bearish phase, confirming the trend reversal. A bearish divergence formed between the MACD and price as the latter continued down while the MACD flattened. RSI entered oversold territory in the final hour, with a reading of ~30, suggesting the market may be near a potential short-term rebound point. However, without a reversal candle or a breakout above 0.6825, the bearish bias is likely to remain intact.

Bollinger Bands

Volatility expanded significantly during the early rally, with price reaching the upper band at 0.7515. However, the bands quickly contracted as selling pressure took over. Price remained below the middle band for the majority of the session, indicating a weak continuation of the downtrend. A close above 0.6825 could signal a potential widening of the bands and renewed volatility, either bullish or bearish.

Volume & Turnover

The largest single 15-minute volume spike occurred at 00:15 ET (2025-09-24), when 81,102.5 units were traded. This was the largest candle in the 24-hour period and coincided with the high of 0.7515. However, volume and turnover decreased significantly as the price declined, suggesting a lack of conviction in the bearish move. Divergence between price and volume was evident after 03:15 ET, when large price moves occurred with relatively smaller volumes, indicating a weakening trend.

Fibonacci Retracements

On the 15-minute chart, price found initial support at the 38.2% retrace (0.71) and 61.8% retrace (0.6847). The daily chart shows a key 61.8% retrace at 0.691, which price failed to test during the session. A breakdown below 0.6747 would suggest a deeper pullback toward the 0.670 level, where the 50% Fibonacci level resides. Traders may watch for retests of 0.6825 and 0.6869 as potential pivot points.

Backtest Hypothesis

A backtesting strategy using the 20-period and 50-period moving averages on the 15-minute chart, with RSI as a filter, could provide actionable signals. A sell signal would be triggered when the 20-period MA crosses below the 50-period MA and RSI falls below 30, with a stop-loss placed just above the recent 15-minute high. A buy signal may emerge on a bullish crossover of the moving averages with RSI above 50, though confirmation via a bullish engulfing pattern would be needed. This approach aligns well with the observed bearish divergence and could be tested against similar ZKCUSDC price patterns from recent weeks.