Market Overview for Synapse/USDC (SYNUSDC) — 24-Hour Technical Summary

• Price rose from $0.1181 to $0.1222, showing bullish momentum in early hours before consolidation.
• Key resistance at $0.1221 tested twice, but failed to hold, signaling potential bearish bias.
• Volume spiked at $0.1221, confirming short-term resistance.
• RSI overbought in early hours, followed by bearish divergence, indicating potential pullback.
• Volatility contracted in overnight hours, suggesting possible consolidation or breakout setup.

The Synapse/USDC (SYNUSDC) pair opened at $0.1181 on 2025-10-02 at 12:00 ET, reaching a high of $0.1222 and falling to a low of $0.1175, closing at $0.1186 on 2025-10-03 at 12:00 ET. Total volume traded was 952,585.0, with a notional turnover of $112,452.12 over the 24-hour window.

The daily chart shows a bearish bias, with price struggling to maintain above the 50-period moving average. A bearish engulfing pattern formed around $0.1221, indicating rejection at key resistance. Price found support at $0.1181, with a doji forming at $0.1198, signaling indecision. A rising wedge from $0.1198 to $0.1221 has been broken, increasing the likelihood of a continuation lower.

Moving Averages

The 15-minute chart shows the price currently sitting below both 20 and 50-period moving averages, reinforcing bearish momentum. On the daily chart, the 50-period MA is at $0.1195, while the 200-period is at $0.1172, suggesting a long-term support zone is forming near $0.1175–0.1180.

Momentum Indicators

The RSI peaked at 68 in the early hours, indicating overbought conditions, followed by a sharp decline to 46, showing bearish divergence. The MACD line crossed below the signal line, confirming bearish momentum. Both indicators suggest a pullback is likely toward the 61.8% Fibonacci level at $0.1192.

Bollinger Bands

Volatility has contracted in overnight hours, with price currently sitting near the middle band, suggesting a potential breakout or continuation of the current trend. The upper band at $0.1222 acted as resistance, and the lower band near $0.1175–0.1181 is forming key support. A breakout above the upper band would need a sharp volume surge to be considered valid.

Volume and Turnover

Volume spiked significantly at $0.1221, confirming the rejection at that level. A large-volume bearish reversal candle occurred around 09:30–09:45 ET, which coincided with a price drop to $0.1184. Notional turnover was strongest in the 04:00–07:30 ET window, with a sharp dropoff after 08:00 ET. This suggests a shift in sentiment from bullish to bearish overnight.

Fibonacci Retracements

Applying Fibonacci to the most recent 15-minute swing from $0.1198 to $0.1222, key levels include 38.2% at $0.1210 and 61.8% at $0.1202. On the daily chart, a retracement from the high at $0.1222 to $0.1175 shows 38.2% at $0.1192 and 61.8% at $0.1183. Price appears to be consolidating near the 61.8% level, which could act as a short-term support.

Backtest Hypothesis

Given the current price action, a potential backtest could be designed to capture the bearish momentum forming around key Fibonacci and moving average levels. A strategy that goes short on a close below $0.1205, with a stop-loss at $0.1215 and a take-profit at $0.1180, could be evaluated using a 15-minute time frame. The MACD and RSI divergence supports the bias for a pullback, while volume behavior near the key resistance confirms bearish expectations.