SYNUSDC Market Overview: Volatile 24-Hour Move Sees Sharp Sell-Off

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• SYNUSDC opened at 0.1073 and closed at 0.1062 after a 24-hour range from 0.105 to 0.1118.
• Momentum shifted downward after a midday peak, with RSI entering oversold territory late.
• Volume spiked to 143,544.6 after 15:45 ET, indicating heightened selling pressure and a potential short-term support level.
• Bollinger Bands tightened early, followed by a sharp expansion, suggesting increased volatility and trend development.
• A bearish engulfing pattern formed at 0.1111, and a potential double-top may be forming near 0.1118.

SYNUSDC opened at 0.1073 on 2025-10-09 at 12:00 ET and closed at 0.1062 as of 12:00 ET on 2025-10-10. The pair reached a high of 0.1118 and a low of 0.105, with total volume amounting to 821,846.2 and notional turnover reaching $85,221.35. The price experienced a late-day sharp correction following a midday bullish breakout attempt.

The 15-minute chart reveals a series of key support and resistance levels forming between 0.1097 and 0.1115. A bearish engulfing pattern formed at 0.1111 on the candle closing at 0.1104, which may signal a trend reversal. A potential double-top structure is emerging near 0.1118, and a breakdown below 0.1085 could trigger further bearish momentum. Doji formations at 0.1102 and 0.1108 also suggest indecision.

The 20-period and 50-period moving averages crossed in a bearish divergence after 19:30 ET, reinforcing the downward shift. The MACD line crossed below the signal line, indicating a bearish crossover, while the RSI dropped into oversold territory (below 30) after 15:30 ET. This suggests potential for a rebound, though without a clear bullish catalyst, a continuation of the downtrend is more likely.

Bollinger Bands experienced a contraction earlier in the session, followed by a sharp expansion after 15:45 ET. Price closed near the lower band on the final candle, suggesting increased volatility and a possible bounce. However, without a reversal pattern confirming the rebound, the immediate bias remains bearish.

Volume surged late in the session, especially after 15:45 ET, with a massive candle printing a low of 0.105 and closing at 0.1065. This volume divergence is concerning, as it suggests aggressive selling pressure. Notional turnover spiked from $4,000 to over $14,000 during this period, reinforcing the bearish signal.

Applying Fibonacci retracement levels to the 0.105–0.1118 swing, key levels include 61.8% at 0.1091 and 38.2% at 0.1082. These levels have already acted as minor supports and resistances, and a break below 0.1091 could trigger a test of the 0.1082 level. On a daily chart, the 200-period MA appears to be holding as a support, currently at approximately 0.1078.

The backtesting strategy described involves identifying key Fibonacci retracement levels and using them as dynamic entry points for both long and short positions. Given the current setup, a short position could be considered if price breaks below 0.1091, with a target at 0.1082 and a stop just above 0.1095. A long setup may emerge if price closes above 0.1115, with a target at 0.1122 and a stop below 0.1108.