Turbo/USDC Market Overview: Volatile 24-Hour Session with Key Reversal Signs

Summary
• Price opened at $0.002143 and closed at $0.002119, down 1.09% over 24 hours.
• Volatility expanded mid-session with a high of $0.002213 and low of $0.002083.
• Volume spiked at $2.18M at 23:00 ET, followed by a bearish reversal into close.

Price Movement and Structure

Turbo/USDC (TURBOUSDC) experienced a volatile 24-hour trading session marked by a sharp intraday high of $0.002213, followed by a significant bearish reversal into the final hours. The pair opened at $0.002143 and closed at $0.002119, indicating a 1.09% decline. Price action suggests bearish pressure has taken hold following a failed rally. A key support level appears to be forming around $0.002100–$0.002115, while resistance remains at $0.002160–$0.002180. Notable candlestick patterns include a bearish engulfing pattern observed at 00:45 ET and a potential bullish reversal at 22:45 ET.

Technical Indicators and Momentum

The 15-minute RSI shows overbought conditions at key rally highs above 70 but has since fallen below 50, indicating a shift in momentum to the bear side. MACD appears to have turned negative after a brief bullish crossover earlier in the session, reinforcing bearish sentiment. Volatility, as measured by Bollinger Bands, expanded significantly following the $0.002213 high, with price closing near the lower band.

Volume and Turnover

The total 15-minute volume across the 24-hour period reached approximately 10,804,679 units, with notional turnover amounting to roughly $22.95 million. The highest volume occurred at 23:00 ET with a turnover of $2.18M. However, a divergence between price and volume emerged in the final 6 hours of the session, as price continued lower while volume declined, suggesting exhaustion in the bearish move.

Fibonacci and Trend Reversal Setup

Applying Fibonacci retracement levels to the key 15-minute swing (low: $0.002139, high: $0.002213), price retested the 61.8% retracement level at around $0.002167 before failing. On the daily chart, a broader retracement from recent highs shows a critical 61.8% level around $0.002115, which has been tested twice in the last 48 hours. If this level fails, further support is likely around $0.002090.

Backtest Hypothesis

The backtest strategy described seeks to validate the performance of the Bullish Engulfing candlestick pattern on TURBOUSDC. While the data source could not locate the exact symbol, this pattern is known for its high predictive value in identifying short-term reversals. If the correct symbol and pattern dates are provided, a backtest can be run using the specified rules: entering at the next day's open and exiting at the following day's close, across the 2022–2025 period. This would allow us to assess its viability as a standalone or complementary signal to current technical indicators.