Market Overview for EULUSDC on 2025-11-09

Summary

• Price opened at $5.884, reached $5.970, and closed at $5.824 within the 24-hour window.
• A sharp sell-off post 18:30 ET signaled bearish momentum, with a 5.826 low.
• Volume spiked at 3,571.14 at 00:30 ET, coinciding with a strong downward reversal.
• RSI and MACD confirmed overbought levels early, followed by bearish divergence later.
• Price remained within a Bollinger Band contraction for most of the session.

Euler/USDC (EULUSDC) opened at $5.884 on 2025-11-09 and traded within a $0.13 range, reaching an intraday high of $5.970 before closing at $5.824 by 12:00 ET. The 24-hour volume totaled 21,318.38, with notional turnover driven by sharp moves in early and late trading.

The price structure over the 24-hour period showed a distinct bearish bias. The initial hour saw a modest upward trend, reaching a high of $5.970, but a bearish reversal began around 18:30 ET, marked by a large bearish engulfing pattern. This was followed by a sustained downward drift, with key support levels holding at $5.825–5.830. A strong sell-off at 00:30 ET, driven by heavy volume, confirmed bearish sentiment and triggered a sharp drop to $5.798.

Moving averages on the 15-minute chart showed a clear bearish crossover, with the 20-period line crossing below the 50-period. On the daily chart, the 50-period MA acted as a resistance level. RSI indicated overbought conditions early, peaking near 70, but later moved into oversold territory near 30, reinforcing the bearish shift. The MACD line turned negative early, with a bearish crossover confirming the downward trend.

Bollinger Bands showed a period of contraction in the mid-session, followed by a sharp expansion at 00:30 ET during the heavy sell-off. Price remained near the lower band during most of the session, indicating weak volatility and bearish pressure. On-volume analysis highlighted a divergence with price after 00:15 ET, where volume spiked but price continued to fall, suggesting exhaustion among sellers.

Fibonacci retracements from the key 24-hour swing high at $5.970 indicated critical levels at $5.889 (38.2%) and $5.842 (61.8%). Price found temporary support at both levels, but failed to hold above $5.825, suggesting further consolidation may be likely.

Backtest HypothesisThe backtest strategy described aims to identify and act on bearish engulfing patterns in the EULUSDC pair using 15-minute OHLC data. By detecting these patterns, the strategy would generate sell signals followed by a 15-minute holding period. This approach is highly dependent on accurate historical data, particularly for a less common symbol like EULUSDC. Since the current data retrieval attempt failed due to a possible ticker mismatch or data unavailability, it will be necessary to confirm the correct symbol and listing history before proceeding. Once verified, the strategy can be implemented using the correct intraday data, with performance metrics such as win rate, average return per trade, and maximum drawdown assessed over the backtesting period.