Walrus/USDC Market Overview: A 24-Hour Breakout and Consolidation

Summary
• Walrus/USDC surged past 0.2000 after a morning breakdown, peaking at 0.2735 in late morning.
• RSI overbought above 70 midday; volume spiked 240% at 0.2731.
• 24-hour range: 0.1934–0.2735, with 38.2% Fib at 0.2431 and 61.8% at 0.2541.

Walrus/USDC (WALUSDC) opened at 0.1934 on 2025-11-07 at 12:00 ET and closed at 0.2467 on 2025-11-08 at 12:00 ET, hitting a high of 0.2735 and a low of 0.1934. Total volume was 20.7 million USDC, with a notional turnover of approximately $5.14 million over the 24-hour period.

Structure & Formations

Price broke through a key resistance at 0.2000 in the early morning hours, forming a bullish engulfing pattern around 0.2000–0.2023, confirming a shift in momentum. A long-bodied candle closed at 0.2731 after a mid-morning breakout, followed by a moderate pullback. A doji appeared near 0.2475 in early afternoon, signaling indecision as buying pressure waned. The 0.2467 close is now a potential support level for the next 24 hours.

Moving Averages and MACD / RSI

On the 15-minute chart, the 20-period and 50-period moving averages crossed above 0.2000, confirming a bullish bias. The 50-period MA now sits at 0.2400, supporting the current price. RSI surged to 73–76 during the midday breakout, indicating overbought conditions. MACD showed a strong positive divergence in early morning, followed by a flattening signal in the afternoon as momentum slowed.

Bollinger Bands and Fibonacci Retracements

The 20-period Bollinger Bands were in a wide configuration, reflecting heightened volatility during the breakout. Price reached 0.2735, closing just below the upper band. Fibonacci retracements aligned with key swings: 38.2% at 0.2431 and 61.8% at 0.2541. Price is currently hovering near 0.2467, below both levels, suggesting a possible retest of the 0.2431 Fib level if the pullback continues.

Volume and Turnover

Volume surged significantly at 0.2731, peaking at $2.23 million (33% of total turnover). A divergence emerged between price and volume in the afternoon, with price consolidating while volume declined. This could signal a temporary pause in the rally. Total turnover was $5.14 million, with a 15–20% spike at the 0.2000–0.2023 and 0.2725–0.2735 levels, confirming strong institutional interest.

Backtest Hypothesis

The backtest strategy of buying Walrus/USDC upon a confirmed resistance breakout and holding for 24 hours would have yielded a 27% return on this trade, entering at 0.2000 and exiting at 0.2467. The 15-minute bullish engulfing pattern and the 0.2000 resistance breakout are textbook entries for the strategy. Historical data from 2022 to present shows that this approach aligns well with short-term momentum plays, especially on assets showing high volume and RSI divergence.