SYNUSDC Market Overview for 2025-11-04

Summary
• Price rose from 0.0637 at 12:00 ET−1 to 0.0664 by 04:15 ET, before retracing to close at 0.0653.
• High volatility observed during the early morning, with a peak-to-trough range of 0.0031.
• Volume surged to 74,281 at 02:00 ET, coinciding with a strong bullish candle.

The Synapse/USDC pair (SYNUSDC) opened at 0.0637 on 2025-11-04 and traded as high as 0.0664 before settling at 0.0653 as of 12:00 ET. The total 24-hour volume amounted to approximately 681,497.2 units, with a notional turnover reaching $44,225.49. The price action reflected a strong early morning rally driven by increased volume and momentum, followed by a consolidation phase in the latter half of the day.

Structure & Formations

Key resistance levels emerged around 0.0658–0.0664 during the morning session, with strong candle formations indicating buyer participation. A notable bullish engulfing pattern occurred at 02:00 ET, where the candle opened at 0.0653 and closed at 0.0661, suggesting a reversal from bearish to bullish sentiment. Later, a bearish divergence developed around 05:30 ET with a large bearish candle opening at 0.067 and closing at 0.0651, signaling potential exhaustion in the rally.

Moving Averages

The 15-minute chart showed the price above both the 20-period and 50-period moving averages from 02:00 ET onward, reinforcing the bullish bias. However, by 06:00 ET, the price dipped below the 50SMA, suggesting a potential correction. On the daily chart, the 50DMA and 200DMA were closely aligned near 0.064–0.065, indicating a neutral to slightly bullish setup.

MACD & RSI

The MACD crossed above the signal line early in the morning, confirming the bullish move, while the histogram showed expanding bars from 02:00 to 04:15 ET. The RSI climbed to 67 by 04:15 ET, indicating overbought conditions, followed by a sharp decline to 52 by 06:00 ET. This bearish divergence between RSI and price suggested waning momentum and a possible pullback.

Bollinger Bands

Price traded near the upper band from 02:00 to 04:15 ET, indicating strong volatility and bullish pressure. The bands expanded during this period, reflecting higher volatility. From 06:00 ET onward, price moved closer to the middle band, suggesting a period of consolidation.

Volume & Turnover

A strong volume spike of 74,281 units at 02:00 ET confirmed the bullish breakout. However, later candles showed declining volume despite continued price movement, suggesting weaker conviction from buyers. Turnover mirrored the volume pattern, with the largest notional value of $4,830.26 occurring at 02:00 ET, aligning with the bullish engulfing pattern.

Fibonacci Retracements

On the 15-minute chart, the rally from 0.0633 to 0.0664 found support at the 61.8% retracement level near 0.0655, which held briefly before the price pulled back. On the daily chart, the recent swing low-to-high retracement placed the 38.2% level at 0.0644 and the 61.8% at 0.0656—both key levels to watch for near-term direction.

Backtest Hypothesis

The Bullish Engulfing pattern identified at 02:00 ET on the 15-minute chart offers a compelling backtesting opportunity for strategies seeking short-term entry signals. With a 5% take-profit and 3% stop-loss framework, this pattern could be tested for its consistency and risk-reward potential over historical data. Before proceeding, we recommend confirming the relevance of the pattern and its alignment with broader volatility and momentum indicators. If confirmed, this backtest could yield insights into the effectiveness of such a pattern in a high-volume and volatile market like SYNUSDC.