Synapse/USDC Market Overview: Volatility and Consolidation in 24-Hour Candlestick Activity

• Synapse/USDC (SYNUSDC) saw a significant intraday swing, peaking at $0.1121 before retracing to close near $0.0791.
• High volatility persisted throughout the session, driven by a sharp rally followed by a broad pullback.
• Volume surged during the initial breakout but declined in the consolidation phase, signaling reduced conviction.
• RSI suggested overbought conditions during the rally, followed by a sharp correction into oversold territory.
• Price remains within a key 0.078–0.082 range, with potential for a breakout toward 0.0835 or a test of 0.0785.

SYNUSDC opened at $0.0774 at 12:00 ET − 1 and traded as high as $0.1121 before closing at $0.0791 by 12:00 ET on 2025-10-24. Total volume for the 24-hour period was approximately 15.5 million contracts, with a notional turnover of roughly $1.34 million. The price path featured a strong upward thrust from the afternoon, only to consolidate in a tight range afterward, suggesting traders may be preparing for a directional move.

The candlestick structure revealed several key features. A strong bullish breakout candle in the early afternoon (16:45–17:00 ET) indicated short-term optimism, followed by a series of bearish continuation patterns as the price rolled back. A doji around 23:15–23:30 ET signaled indecision. Support levels appear at 0.0785, 0.0795, and 0.08, while resistance could be seen at 0.0805, 0.081, and 0.082. The 15-minute 20 SMA and 50 SMA crossed during the retracement phase, suggesting potential for a bearish crossover.

Volatility spiked during the initial rally, with Bollinger Bands widening sharply. Price then retracted and consolidated near the lower band, indicating a potential oversold condition. However, RSI did not remain in oversold territory for long, suggesting buying interest may return. The MACD histogram turned negative after the initial move up, confirming bearish momentum. The 50-period MA has been a key psychological level, and a break below could open the door to lower levels.

The Fibonacci retracement levels based on the 15-minute swing from 0.0775 to 0.1121 show critical levels at 38.2% (0.0887), 50% (0.0899), and 61.8% (0.0913). The current price is hovering near the 38.2% retracement, and a test of the 0.0835 level could confirm a bearish bias. A break above 0.0913 would suggest a return to bullish momentum, though the volume profile hints at limited conviction.

Backtest Hypothesis

The proposed backtesting strategy requires MACD data for a ticker symbol to generate signals. Currently, the provided input could not retrieve MACD data for the specified symbol. To proceed, it’s important to confirm the correct ticker or adjust the time frame to align with available data. Once confirmed, the MACD can be used to identify Golden and Death Cross signals, allowing a backtest of the strategy’s performance. The current analysis of SYNUSDC shows that MACD has turned negative, indicating bearish momentum, aligning with the retracement from overbought levels. This could serve as a foundation for future backtests once the data constraints are resolved.