Synapse/USDC Market Overview – 2025-11-06

Summary
• Price opened at $0.0663 and closed at $0.0766 with a high of $0.0842 and a low of $0.0661.
• Total 24-hour volume was 21,139,712.1 and turnover (notional value) was $1,482,264.09.
• A sharp bullish reversal formed after midday, with price closing near the high of the session.

Opening Narrative

Synapse/USDC (SYNUSDC) opened at $0.0663 on 2025-11-05 at 12:00 ET and closed at $0.0766 at 12:00 ET on 2025-11-06. The 24-hour high was $0.0842 and low was $0.0661. Total traded volume across 15-minute intervals was 21,139,712.1 tokens, with a notional turnover of approximately $1,482,264.09.

Structure & Formations

Price experienced a bearish consolidation from 17:00–20:45 ET before a strong bullish breakout emerged post 21:00 ET. A clear bullish engulfing pattern formed around 21:45–22:00 ET, where price reversed from $0.0689 to $0.071. This was followed by a continuation of higher highs and higher lows until early morning. A key support level at $0.0758 appeared during a pullback at 04:45 ET, suggesting strong buyer interest.

Moving Averages and Momentum

On the 15-minute chart, the 20-period and 50-period moving averages were closely aligned, indicating a period of consolidation before the breakout. Post 21:00 ET, price surged above the 20-period line, suggesting a shift to bullish momentum. The 50-period MA acted as a dynamic support during the consolidation phase. RSI climbed from oversold territory below 30 to overbought territory above 70 by 02:15 ET, signaling a strong reversal.

Volatility and Bollinger Bands

Volatility expanded significantly after 21:45 ET as price broke out from a narrow Bollinger Band range. Price closed near the upper band by 02:15 ET, indicating strong bullish momentum. A contraction in the bands had occurred during the consolidation phase from 19:00–21:00 ET, acting as a precursor to the breakout.

Volume and Turnover

Volume surged from 21:00–22:30 ET, coinciding with the key breakout and bullish reversal phase. The largest 15-minute volume spike occurred at 22:15 ET with 864,851.5 tokens, aligning with the high of $0.0842. Turnover also spiked during this period, confirming strong conviction behind the move. Volume and turnover were lower during the consolidation phase, suggesting limited bearish conviction before the breakout.

Fibonacci Retracements

Applying Fibonacci retracement levels to the key bearish leg from $0.0842 to $0.0758, price bounced at the 38.2% ($0.0785) and 61.8% ($0.0773) levels during the overnight consolidation. This suggests strong support from Fibonacci levels, indicating a high probability of continued bullish momentum if the $0.0773 level was respected as a key psychological level.

Backtest Hypothesis

In line with the observed 15-minute bullish engulfing pattern at 21:45–22:00 ET, a backtesting strategy based on the “1-Day Bullish Engulfing” pattern has been completed for the period from 2022-01-01 to 2025-11-06. The strategy uses daily close prices and holds trades for one day after entry. This aligns with the observed breakout and suggests a potential for a profitable trade in the near term if the pattern repeats. The performance statistics, including cumulative return, hit ratio, and max drawdown, are available in the interactive report.