Walrus/USDC Market Overview for 2025-11-10

Summary
• Walrus/USDC opened at 0.2216 and closed at 0.2258, with a high of 0.2304 and low of 0.2211 over the past 24 hours.
• Price trended upward with notable volume surges, especially during late ET hours.
• Momentum remains elevated, with RSI near overbought levels, and price testing key resistance levels.

WALUSDC opened at 0.2216 at 12:00 ET - 1 and closed at 0.2258 at 12:00 ET today. The 24-hour high and low were 0.2304 and 0.2211, respectively. Total volume reached 919,861.9 with a notional turnover of 204,529.3 (assuming 1 unit = $1 USDC). The price exhibited a moderate upward bias with volatility increasing through the early morning hours.

Structure & Formations

Price action displayed multiple bullish patterns over the 24-hour period. A key resistance level formed around 0.228–0.229, which was tested and held early on. After a brief pullback, price retested and eventually broke through 0.229, forming a bullish continuation pattern. A small bearish doji formed at 0.2296 in the early morning, suggesting potential consolidation ahead. Support at 0.225–0.226 also held during the last pullback, reinforcing its significance.

Moving Averages

Short-term moving averages (20/50 periods) on the 15-minute chart indicated a bullish bias, as price closed above both. The 50-period MA acted as a support level during midday pullbacks, suggesting short-term momentum favors the upside. On the daily chart, 50/100/200-period MAs suggest a neutral to bullish bias, with price above the 50-day MA and approaching the 100-day MA. This suggests ongoing medium-term accumulation.

MACD & RSI

The RSI approached overbought territory (75–77) near the end of the 24-hour window, indicating a potential correction may be due. MACD remained positive with a narrowing histogram, suggesting that while bullish momentum remains, its velocity is slowing. These signs suggest that while the trend is intact, caution is warranted in the short term.

Backtest Hypothesis

A potential backtesting strategy could involve entering long positions when RSI crosses above an overbought threshold (e.g., 70) and exiting 3 trading days later. Given the recent overbought RSI readings, this strategy might have triggered a long signal near the end of the 24-hour period. However, without confirmation of the exact exchange and symbol format (e.g., WAL/USDC on Binance), accurate backtesting is currently limited. Clarification on these details would allow for a more precise execution of the strategy using real historical data.