Synapse/USDC Market Overview for 2025-11-14

Summary
• Price dropped from 0.0683 to 0.0644 within 24 hours, forming a bearish trend.
• Key support appears at 0.0644–0.0650, with RSI near oversold levels.
• Volume spiked during the 19:00–23:00 ET window, confirming bearish momentum.

Synapse/USDC (SYNUSDC) opened at 0.0683 on 2025-11-13 at 12:00 ET and closed at 0.0644 on 2025-11-14 at 12:00 ET, hitting a high of 0.0683 and a low of 0.0644. Total volume over the 24-hour window was approximately 1,321,644.8 units, and the notional turnover amounted to around $85,775. The price action has been bearish with a clear downward bias.

Structure & Formations

The price has seen a sharp breakdown from 0.0683 to 0.0644 over the last 24 hours. A series of bearish engulfing patterns is visible during the 19:00–21:00 ET window, suggesting aggressive selling pressure. A potential support zone has formed near 0.0644–0.0650, with a 0.0638 low marking a possible next level of interest.

Moving Averages

On the 15-minute chart, the 20-period MA crossed below the 50-period MA, confirming bearish momentum. The daily chart shows the 50-period MA falling below the 200-period MA, indicating a longer-term bearish bias. Prices are currently below both key moving averages.

MACD & RSI

The MACD histogram is negative and expanding, with the line below the signal line, reinforcing bearish momentum. RSI is near oversold levels (~25), suggesting a potential rebound or consolidation may occur near the support cluster. However, this could also indicate a deeper correction if the bearish trend persists.

Bollinger Bands

Price has been trading near the lower Bollinger Band for much of the day, suggesting low volatility and bearish momentum. A contraction in band width occurred early in the session, but the recent break below the lower band reflects a period of expansion and increased volatility.

Volume & Turnover

Volume spiked between 19:00 and 23:00 ET, particularly during the 19:00–21:00 ET window, coinciding with the sharp decline from 0.0683 to 0.0660. Notional turnover increased in line with volume, confirming the bearish price action. Divergence is not evident at this time, and the volume-to-price alignment supports a continuation of the downward move.

Fibonacci Retracements

Applying Fibonacci retracements to the 0.0683–0.0644 decline shows the 38.2% level at ~0.0665 and the 61.8% at ~0.0655. Price is currently near the 61.8% level, suggesting potential for a short-term bounce if buyers step in. A break below 0.0644 would target the next 78.6% retracement at ~0.0638.

Backtest Hypothesis

The backtesting strategy is based on a three-day reversal approach, using daily close prices and exiting strictly after three trading days without additional stop-loss or take-profit constraints. This method aims to capture short-term countertrend moves based on identifiable price patterns within the broader bearish trend. Given the current RSI oversold condition and Fibonacci support levels, a three-day reversal strategy may find confirmation in the near-term action. Traders could potentially benefit from a bounce off the 0.0644–0.0650 support cluster, especially if volume declines and buyers show strength.