Market Overview: Boundless/USDC (ZKCUSDC) 24-Hour Performance and Key Indicators

• ZKCUSDC declines 12.7% over 24 hours, breaking key support levels with bearish volume confirmation.
• Momentum sags as RSI drops below 30, indicating oversold territory with potential for a near-term rebound.
• Volatility remains compressed within Bollinger Bands, with no clear expansion signifying a breakout.
• A bearish engulfing pattern emerged overnight, suggesting ongoing downward pressure.
• Turnover increased significantly during the late ET sell-off, confirming the strength of the move lower.

The Boundless/USDC pair (ZKCUSDC) opened at $0.5822 on 2025-09-25 at 16:00 ET and closed at $0.5480 as of 12:00 ET on 2025-09-26. The 24-hour range spanned from a high of $0.5953 to a low of $0.5242. Total volume traded in the 24-hour window amounted to 450,617.5 units with a notional turnover of $251,839.58 (calculated using ZKC volume and average price). The price action shows a clear bearish tilt, supported by strong volume in the late ET sell-off.

The price action reveals a bearish engulfing pattern at the start of the downturn, followed by a series of lower lows and higher lows, forming a descending channel. Key support levels to watch are at $0.5420 (38.2% Fib from the initial drop) and $0.5280 (61.8% Fib). Resistance may emerge at $0.5500, a recent pivot point. A doji formed in the early morning ET hours, signaling indecision and potential consolidation ahead.

The 15-minute 20 and 50-period moving averages are in a steep downward slope, with the 50-line crossing below the 20-line in a death cross formation. The MACD is negative and trending lower, indicating weakening bullish momentum. The RSI is currently at ~28, entering oversold territory, suggesting potential for a short-term bounce. However, price action has yet to confirm a reversal.

Bollinger Bands are relatively narrow, suggesting low volatility and a possible breakout in either direction. The price remains within the lower band, indicating a continuation of the bearish trend. On the volume front, the late ET sell-off (between 04:00–05:15 ET) saw a significant surge in turnover, confirming the strength of the move. However, volume has since declined, signaling potential exhaustion of the downward move.

The 15-minute Fibonacci retracement from the high of $0.5953 to the low of $0.5242 places the 38.2% level at $0.5677 and the 61.8% level at $0.5460, with ZKCUSDC currently near the 61.8% retracement level. This suggests a potential consolidation zone ahead before a larger move could emerge. The 200-period daily moving average remains well above the current price, reinforcing the bearish bias.

Backtest Hypothesis

Given the bearish engulfing pattern, confirmed by strong volume and a MACD divergence, a backtesting strategy could involve a short position at $0.5650 with a stop above $0.5730 and a target at $0.5400. This approach would aim to capture the continuation of the downtrend, especially with the RSI indicating oversold conditions and the price hovering near the 61.8% Fib level. Traders may use the doji and subsequent consolidation as a confirmation trigger, ensuring that volume aligns with price action before entering the position.