Market Overview for Euler/USDC (EULUSDC) on 2025-11-05

Summary
• Price declined from 6.899 to 6.308 over 24 hours, forming bearish continuation patterns.
• High volatility seen mid-session, with volume spiking to over 6,400.
• RSI and MACD indicate weakening momentum and oversold conditions.
• Price appears to be consolidating near a potential 61.8% Fib level.

Euler/USDC (EULUSDC) opened at 6.899 on 2025-11-04 at 12:00 ET and closed at 6.308 on 2025-11-05 at 12:00 ET, with an intraday high of 6.899 and a low of 6.302. Total volume for the 24-hour window was 102,516.5, while total turnover was 625,325.0 (in USDC equivalent).

The 15-minute OHLCV data shows a pronounced bearish bias, with key resistance forming around 6.74–6.82 and support at 6.40–6.48. A bearish engulfing pattern developed during the early hours of 2025-11-04, followed by a long bearish candle from 6.826 to 6.488. A strong bearish trend accelerated around 20:30–21:00 ET on 2025-11-04, with volume spiking to over 5,400 and a sharp drop to 6.488. Price has remained below key moving averages, including the 20-period and 50-period SMAs.

MACD lines show a negative divergence with price, reinforcing bearish momentum. RSI is in oversold territory (under 30), suggesting a possible consolidation or short-term bounce. Bollinger Bands are widening, indicating increased volatility, with price near the lower band at times. Fibonacci retracement levels from the recent 6.899–6.488 swing point to a 61.8% retracement near 6.51–6.53 as a potential short-term target.

Volume spiked significantly during the early evening of 2025-11-04, confirming the bearish breakout. However, in the last 4 hours, volume has declined, suggesting a potential pause in selling pressure. The current price may find near-term support at 6.30–6.35 and resistance at 6.48–6.53. While a short-term bounce is possible, a sustained break below 6.30 could extend the downward trajectory, with risks of further drawdowns into 6.25 or below.

Backtest Hypothesis
Given the bearish engulfing pattern observed in the early part of the 24-hour period, a potential backtest strategy could involve entering short positions on confirmation of the pattern and holding for one day. This strategy would be evaluated using historical data from 2022 to 2025, focusing on similar price setups in EULUSDC or its correct ticker on a recognized exchange. The objective is to determine whether such patterns reliably generate bearish returns, particularly in high-volume, high-volatility environments like the one seen here.