Synapse/USDC Market Overview for 2025-11-02

• Synapse/USDC edged lower over 24 hours, closing at 0.0773 from 0.0760 open with key resistance capped at 0.0788.
• Volatility spiked during the 12–14 ET window as price dropped from 0.0773 to 0.0744, with volume surging on declines.
• Price action displayed bearish divergence in the final 2–3 hours, with lower highs and reduced volume suggesting consolidation ahead.
• RSI and MACD momentum indicators are mixed, with RSI hovering near neutral territory and MACD showing weak bullish divergence.
• Bollinger Bands contracted overnight, pointing to potential for a breakout or breakdown in the near term.

Synapse/USDC (SYNUSDC) traded in a range of 0.0744–0.0788 over 24 hours, opening at 0.0760 and closing at 0.0773 by 12:00 ET. Total volume reached 751,136.9, while notional turnover hit $58,386.19. The asset showed mixed momentum, with a key bearish move late in the day and signs of consolidation ahead.

Structure & Formations

The 15-minute OHLC data revealed several key turning points, including a strong bearish reversal pattern forming from 09:30–10:00 ET, marked by a long lower wick and closing near the session low. A significant bear trap appeared at 07:30 ET, with price surging from 0.0780 to 0.0788 before retreating. A key support level formed at 0.0765–0.0768, which held during multiple tests, while resistance remains at 0.0788 and 0.0795. A bearish engulfing pattern appeared at 14:30 ET, signaling potential for further downside.

Moving Averages

On the 15-minute chart, the 20-period moving average moved slightly downward, reflecting the bearish bias of the past 6 hours. The 50-period MA acted as a resistance level during the midday sell-off. On the daily chart, the 50 and 100-period moving averages are closely aligned near 0.0765–0.0770, suggesting a potential equilibrium zone. Price currently sits above both, offering cautious optimism for a retest of the 200-period MA at ~0.0755.

MACD & RSI

The MACD histogram showed a bearish divergence in the final 3 hours of the day, with price making lower highs but the histogram failing to confirm the strength of the move. RSI remained in neutral territory (50–60) for much of the session but dipped toward the 45–50 range during the 14:30–15:15 ET selloff, hinting at moderate oversold conditions. This may provide a temporary buying opportunity for traders but does not confirm a major reversal.

Bollinger Bands

Bollinger Bands contracted overnight between 00:00–04:30 ET, indicating a period of low volatility. Price broke out of the bands briefly at 07:15 ET and 09:30 ET, but both moves lacked follow-through. Currently, price sits near the upper band (~0.0774), with the middle band at 0.0770. A sustained move below the lower band (~0.0760) would confirm bearish momentum, while a breakout above 0.0780 could attract buyers testing the 0.0788 level.

Volume & Turnover

Volume spiked sharply during the 14:30–15:30 ET selloff, confirming the bearish move from 0.0773 to 0.0744. The highest 15-minute volume of 95,605.9 occurred at 14:30 ET, coinciding with the largest price drop. Turnover also surged during this period, reaching $7,198.03, suggesting meaningful selling pressure. However, volume has since declined, indicating that the selloff may be running out of steam.

Fibonacci Retracements

Key Fibonacci levels from the 07:00–11:30 ET range (high: 0.0788, low: 0.0770) include 0.0780 (38.2%), 0.0776 (50%), and 0.0773 (61.8%). Price briefly tested the 61.8% level at 0.0773 before retreating. The 61.8% and 100% levels at 0.0765 and 0.0760 could serve as critical support in the next 24 hours if the current consolidation fails.

Backtest Hypothesis

Given the mixed momentum signals and key Fibonacci levels in play, a potential backtest strategy could involve using a 14-period RSI to identify overbought (>65) or oversold (<40) conditions and combining that with 15-minute moving average crossovers (20-period and 50-period). A long entry could be triggered on a RSI dip below 40 with a 20SMA crossover above 50SMA, while a short entry might follow an RSI above 65 with a 20SMA crossing below 50SMA. This approach would require a specific ticker symbol for backtesting. As previously mentioned, the correct symbol is likely exchange-specific, such as BINANCE:SYNUSDC or COINEX:SYNUSD.