Walrus/USDC (WALUSDC) Market Overview: 24-Hour Analysis

Summary
• Walrus/USDC traded between $0.2219 and $0.2435 over the past 24 hours, closing near the lower end of the range.
• Volume surged in the early hours of the morning with a significant drop after 11 PM, showing uneven distribution.
• A bearish engulfing pattern formed on the 15-minute chart near the high, signaling potential downward momentum.

Walrus/USDC (WALUSDC) opened at $0.2391 on 2025-11-08 at 12:00 ET and reached a 24-hour high of $0.2435 on 2025-11-08 at 18:00 ET before closing at $0.2244 on 2025-11-09 at 12:00 ET. The pair experienced a total trading volume of 4,713,680.9 units and a notional turnover of $1,158,244.2 over the 24-hour period.

Structure & Formations

The price action showed a bearish reversal pattern during the early evening hours on 2025-11-08, with a large bearish engulfing candle following a bullish candle. A key support level appears to be forming between $0.2219 and $0.2241, where the price has bounced multiple times in the last 12 hours. A doji formed near $0.222, hinting at indecision, while resistance remains around the $0.227 level.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both trended downward through the session, confirming bearish momentum. Daily MA indicators (50/100/200) were not available due to the limited data window, but the 15-minute MAs remain below price, suggesting continuation of the bearish trend.

MACD & RSI

The MACD line remained negative throughout the session, with bearish divergence between price and momentum in the last 4 hours. RSI fell into oversold territory below 30 during the overnight hours, but the rebound has been weak. This suggests that while sellers are exhausted, buyers have not shown sufficient strength to reverse the trend.

Bollinger Bands

Price traded near the lower band of the Bollinger Bands for most of the session, confirming a period of low volatility. A contraction in the bands was observed around 01:00 ET, followed by a breakout to the downside. Price remains within the bands, suggesting no extreme volatility, but with a clear bias toward the lower channel.

Volume & Turnover

Trading volume spiked between 04:45 ET and 05:00 ET, coinciding with a $0.0032 rally, yet the price action failed to confirm the strength. Turnover spiked to $176,219.7 during that window, but failed to sustain the upward movement. A volume divergence is evident between the late-night rally and the bearish close, reinforcing bearish sentiment.

Fibonacci Retracements

Fibonacci retracement levels from the recent 15-minute swing high ($0.2435) and low ($0.2219) show price has found temporary support near the 61.8% level ($0.2275), though it has failed to hold there. A break below the 38.2% level ($0.2346) could accelerate the bearish trend toward the next support at $0.2219.

Backtest Hypothesis

To better understand Walrus/USDC’s behavior under different market conditions, a 14-period RSI-based backtest would be useful. Assuming a standard overbought threshold of 70 and oversold threshold of 30, we could evaluate entry and exit signals against historical OHLC data. Once the correct symbol (WALUSDC) and exchange are confirmed, the RSI data can be re-fetched, and a backtest strategy for the period 2022-01-01 to 2025-11-09 can be implemented. This would allow for evaluating the RSI's predictive power in conjunction with the identified bearish patterns and divergences.

The price of Walrus/USDC appears to be in a consolidating bearish phase, with key support forming near $0.2219 and resistance above $0.227. While a short-term rebound is possible, the broader trend suggests continued pressure toward the next support. Investors should remain cautious of potential volume-driven sell-offs, particularly in the event of a break below $0.2244, which could trigger further declines.