Synapse/USDC Market Overview: 24-Hour Price Action & Momentum Insights

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• Price opened at $0.1181 and surged to a high of $0.1222 before consolidating near $0.1190.
• A bullish engulfing pattern formed near $0.1201, signaling short-term buying pressure.
• Volume surged in the early AM ET with a peak of 170,701.7, while turnover rose amid $0.12–$0.1207 consolidation.
• Price remained within a tight Bollinger Band range for most of the session, indicating low volatility.
• RSI hovered around 50, suggesting a neutral momentum with potential for breakout or reversal.

Synapse/USDC Daily Summary

Synapse/USDC (SYNUSDC) opened at $0.1181 on 2025-10-02 at 12:00 ET and reached a high of $0.1222 by early evening. The pair pulled back toward $0.1190 in late hours and closed at $0.1186 at 12:00 ET the next day. Total volume over 24 hours was 2,507,598.6 units, with notional turnover totaling $298,390.8. Price action reflects a bearish bias in the final hours, despite midday bullish momentum.

Structure & Formations

Price moved within a defined channel between $0.1175 and $0.1222, with the high forming a potential resistance level. A key bullish engulfing pattern emerged around $0.1201 in the late afternoon, followed by a bearish divergence as price fell back toward the 50% Fibonacci retracement level. The doji pattern at $0.1213 and the hanging man at $0.1202 suggest indecision among traders. A key support appears to have formed at $0.1190, with a possible resistance at $0.1222.

Moving Averages

On the 15-minute chart, price moved above the 20-period and 50-period moving averages during the midday rally, indicating short-term bullish momentum. However, by the close, it had fallen below both, suggesting a potential retest of key support levels. On the daily chart, the 50-period moving average is positioned at $0.1195, while the 200-period MA sits at $0.1191, indicating a possible consolidation around the 50/200 MA confluence.

MACD & RSI

The MACD line crossed above the signal line during the midday rally, confirming a short-term bullish crossover, but fell below again in the evening, aligning with the bearish pullback. RSI remained in the neutral range for most of the session, peaking at 58 during the afternoon high and dipping to 47 at the close. No overbought or oversold signals were triggered, but the RSI divergence in the final hours hints at potential reversal.

Backtest Hypothesis

The proposed backtesting strategy involves entering long positions on a bullish engulfing pattern when the RSI is above 50, and exiting upon a doji or bearish divergence in the MACD. The recent engulfing pattern at $0.1201 and the RSI above 50 would have triggered a long entry, but the subsequent doji and bearish MACD crossover may have served as an exit signal. This approach appears to balance momentum confirmation with reversal caution, though it would require testing on historical data to assess profitability across multiple cycles and volatility levels.