Market Overview for Boundless/USDC (ZKCUSDC) – October 10, 2025

• Boundless/USDC (ZKCUSDC) opened at $0.2726 and closed at $0.2667, down 2.19% over 24 hours.
• Price broke below the 0.2755 support level and formed bearish momentum with RSI nearing oversold.
• Volatility expanded during the first half of the day, with Bollinger Bands widening before a sharp drop.
• Turnover surged in the 15:45–16:00 ET timeframe, coinciding with a $0.2735 to $0.2667 price collapse.
• A large bearish engulfing pattern formed around 15:45 ET, signaling potential short-term bearish continuation.

Boundless/USDC (ZKCUSDC) opened at $0.2726 on October 9, 2025, and closed at $0.2667 at 12:00 ET on October 10, after reaching a high of $0.2870 and a low of $0.2632. The pair traded a total volume of 886,677.2 units with a notional turnover of $244,087.49. Price action shows a clear bearish bias, especially in the afternoon session.

Structure & Formations

Price formed a large bearish engulfing pattern at 15:45 ET, with a low of $0.2656 and close of $0.2667. This pattern, following a failed attempt to rally above $0.28, confirms bearish sentiment. A key support level appears to be forming around $0.265–$0.268, with previous resistance at $0.2755 now acting as support. A doji candle formed at 12:45 ET, signaling indecision after a rebound. This suggests traders may pause before committing further to the short side.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart both crossed below price action during the 15:45–16:00 ET window, reinforcing bearish momentum. On the daily chart, the 50-period MA is at $0.2786 and the 200-period MA at $0.2830, indicating long-term bearish bias. A close below $0.265 could trigger a retest of the $0.2630 psychological level and invalidate the 50–200 MA crossover as potential resistance.

MACD & RSI

MACD turned bearish below the zero line after the 15:45 ET candle, with the histogram expanding as price fell. RSI dropped from 65 to 29 during the collapse, entering oversold territory, which may offer short-term buying interest. However, a close below $0.2667 could push RSI toward 25, increasing the risk of a deep pullback. The combination of bearish divergence and low RSI suggests caution for longs and potential for a short-term bounce.

Bollinger Bands

Bollinger Bands widened significantly during the first half of the session, reflecting high volatility during the rally. Price then collapsed back toward the lower band, settling just above it at $0.2667. This suggests traders are becoming increasingly bearish. A retest of the lower band could confirm a break of key support levels, while a move back toward the middle band would indicate short-term stabilization.

Volume & Turnover

Volume spiked to 207,589.2 units at 15:45 ET, coinciding with a sharp drop to $0.2632. This suggests strong bearish conviction and potential exhaustion of longs. Turnover reached a high of $36,533.99 during that period, confirming the price decline. However, volume has since declined, indicating waning momentum and possible consolidation. A divergence between falling volume and rising price in the next 24 hours could signal a bear trap.

Fibonacci Retracements

Key Fibonacci levels on the 15-minute chart from the recent high ($0.2870) to low ($0.2632) include 38.2% at $0.2741 and 61.8% at $0.2703. Price has broken through the 61.8% level and is approaching the $0.265–$0.268 area. A retest of $0.265 could trigger a rebound, but a close below $0.2632 would target the next Fibonacci level at $0.2593, adding to bearish momentum.

Backtest Hypothesis

A potential backtest strategy could involve entering short positions at key Fibonacci levels below the 61.8% retrace, using RSI below 30 as a confirmation filter. Stops could be placed above the nearest resistance, and exits could target the next Fibonacci level. This setup aligns with the bearish engulfing pattern and MACD divergence observed. If confirmed, such a strategy could offer a risk-reward of 1:2 during periods of high volatility, particularly when volume and turnover align with price breaks.