Synapse/USDC Market Overview – 2025-09-20

• • Synapse/USDC (SYNUSDC) traded in a narrow range but showed a late-day rally from 0.1267 to 0.1319.
• • Momentum picked up after 06:00 ET, with RSI climbing above 50 and MACD turning positive, signaling possible bullish continuation.
• • Volatility expanded in the final hours, with Bollinger Bands widening and price testing the upper band multiple times.
• • Notable volume spikes occurred during key breakouts and pullbacks, particularly after 14:45 ET when the price moved above 0.1300.
• • A bullish engulfing pattern emerged around 06:45 ET, confirming the reversal from a morning downtrend to an afternoon rally.

Synapse/USDC (SYNUSDC) opened at 0.1289 on 2025-09-19 at 12:00 ET and closed at 0.1314 the following day. The 24-hour range extended from 0.1267 to 0.1319. Total volume reached 170,655.9, while notional turnover totaled 21,344.1 USDC. The price showed a strong reversal into the second half of the session.

Structure & Formations

The 24-hour period revealed a key support level at 0.1280–0.1282, where the price paused multiple times during its descent and found early morning support. This level was confirmed when buying interest reemerged between 01:00 and 02:00 ET, preventing further declines. Resistance appeared to develop above 0.1300, particularly in the last 6 hours, with a successful breakout occurring at 14:45 ET. A bullish engulfing pattern was observed around 06:45 ET, confirming a reversal from a morning downtrend to an afternoon rally. The formation suggests that the bears were exhausted and buyers took control.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart crossed below price in the early morning, signaling bearish momentum, but by the afternoon, the price re-anchored above both. The 50-period line acted as a minor support during pullbacks. On the daily chart, the 50/100/200 moving averages remained neutral, with no clear trend forming. The price hovered near the 50-day MA, which may act as a pivot for the next few days.

MACD & RSI

The MACD line turned positive in the early afternoon after a morning bearish divergence. The histogram expanded as bullish momentum increased, especially between 09:00 and 14:30 ET. RSI rose from below 40 to above 55, suggesting improving sentiment, though it did not reach overbought territory. This indicates a moderate upswing rather than an unsustainable rally. The RSI showed no signs of top divergence during the rally, increasing the probability of continuation in the short term.

Bollinger Bands

Bollinger Bands remained relatively narrow during the early part of the day but expanded significantly after 08:00 ET. The price spent most of the session in the lower half of the bands before climbing into the upper band by 14:30 ET. This indicates a breakout phase, with volatility increasing as traders reacted to the price break above key levels. The retesting of the upper band suggests potential for continued consolidation or further upward movement if buyers hold firm.

Volume & Turnover

Volume surged during key price swings, particularly between 06:45 and 14:30 ET, with the largest volume spike occurring at 14:45 ET when the price moved above 0.1300. Notional turnover mirrored volume, with the highest turnover occurring during the breakout. The alignment between volume and price action supports the validity of the bullish move, indicating that the rally was not driven by a small group of traders but by broad market participation. No significant divergence was observed between price and volume, suggesting the move is likely to continue.

Fibonacci Retracements

Fibonacci retracements applied to the morning decline from 0.1295 to 0.1267 showed a strong pullback to the 61.8% level at 0.1280–0.1282, which coincided with key support. This level was tested twice before the price resumed its upward trend. The rally to 0.1314 approached the 61.8% retracement of the earlier morning move from 0.1280 to 0.1319, indicating a balanced correction and continuation pattern.

Backtest Hypothesis

Based on the observed 15-minute candlestick patterns and moving average crossovers, a potential backtest strategy could involve entering a long position when the price closes above the 50-period moving average, following a bullish engulfing pattern confirmation. A stop-loss could be placed below the previous swing low (0.1282–0.1283), with a target based on the 61.8% Fibonacci retracement. This setup appears to align with the recent price behavior and may serve as a viable strategy for capturing continuation rallies in a low-volatility environment.