Market Overview for ZKCUSDC

• ZKCUSDC traded in a 24-hour range of $0.722 to $0.7916, closing at $0.7456 after opening at $0.7562.
• Strong downward momentum emerged overnight, with price breaking below key support into consolidation by early afternoon.
• Volatility spiked in the early hours of the morning before subsiding, indicating a potential turning point in sentiment.
• RSI and MACD signaled overbought conditions during the morning surge and diverged from price in the afternoon, hinting at a potential reversal.
• Notional turnover reached $2.38M with total volume of 583,560, showing moderate liquidity and a balanced bid-ask dynamic.

Boundless/USDC (ZKCUSDC) opened at $0.7562 on 2025-09-17 12:00 ET and traded as high as $0.7916 before closing at $0.7456 on 2025-09-18 12:00 ET. The price found a 24-hour low of $0.722. Total traded volume was 583,560 units with a notional turnover of approximately $2.38 million. The pair displayed a volatile overnight rally followed by a consolidation phase during the U.S. trading hours.

Structure & Formations

The price formed a key support zone between $0.745 and $0.750 in the afternoon, which held as a floor during several bearish attempts. A notable bullish engulfing pattern appeared around 20:30 ET, signaling a short-term reversal, followed by a series of bearish harami patterns between 00:00 and 03:00 ET, reinforcing bearish sentiment. A long-legged doji around 03:00 ET suggested indecision in the market. The 20- and 50-period moving averages on the 15-minute chart showed a bearish crossover at the start of the consolidation phase, adding technical weight to the downward move.

Moving Averages

On the 15-minute chart, the 20-period MA (around $0.762) crossed below the 50-period MA ($0.764), forming a bearish death cross. This crossover coincided with a pullback in price from $0.772. On the daily chart, the 50-period MA is at $0.761, while the 100-period and 200-period MAs are at $0.759 and $0.757 respectively, indicating a potential near-term support level around $0.756. Price is currently below all three, which may suggest bearish bias ahead.

MACD & RSI

The MACD line crossed below the signal line at 01:00 ET, confirming bearish momentum. By 08:00 ET, the MACD had returned above zero but with a narrowing histogram, indicating waning bullish strength. The RSI reached an overbought level of 72 at $0.7916, followed by a sharp drop to 34 by 06:00 ET, indicating strong bearish momentum. A potential oversold zone is forming around 30-35, which could trigger a short-term bounce.

Bollinger Bands

Bollinger Bands expanded overnight during the rally, with price reaching the upper band at $0.7916. Price has since retracted to test the lower band, which currently sits near $0.742. This narrowing of the bands suggests decreasing volatility and a potential period of consolidation. Price remains above the 20-period MA, suggesting that the market may be stabilizing at the lower end of the range.

Volume & Turnover

Volume surged between 00:00 and 04:00 ET, with the largest 15-minute volume spike at 01:45 ET (87,521.8 units). Notional turnover reached a high of $6.97M at that time. Price and volume diverged between 02:00 and 04:00 ET, with price falling while volume remained elevated, signaling weakening bearish conviction. Since 06:00 ET, volume has declined significantly, which could indicate a potential exhaustion in the current bearish trend.

Fibonacci Retracements

Applying Fibonacci to the overnight move from $0.722 to $0.7916, key retracement levels are $0.761 (38.2%), $0.754 (61.8%), and $0.750 (78.6%). Price tested the 61.8% level at $0.754 but failed to break through, suggesting this area is a strong support. On the 15-minute chart, the retracement levels between $0.745 and $0.772 indicate that the $0.757 level is acting as a short-term pivot.

Backtest Hypothesis

A potential strategy could involve entering long positions on a bullish engulfing pattern at key Fibonacci and moving average support levels, while using RSI and MACD divergence to exit. A stop-loss below the 61.8% Fibonacci level at $0.754 would protect against further declines. Given the recent consolidation and volume exhaustion, a breakout above $0.761 could trigger a short-term rebound, offering a risk/reward profile suitable for a swing-trading approach.