ZKCUSDC Breaks 0.0908 Support Without Follow-Through

Summary
• Price tested 0.0908 (resistance) and 0.0884 (support), with bearish divergence on 20-minute MACD.
• Volatility expanded after 23:30 ET, pushing price toward 0.0884 after a 6% 24-h drop.
• Overbought RSI levels observed at 77 midday before correction, suggesting exhaustion in bullish momentum.
• Bollinger Bands show recent contraction into 0.0884–0.0892 range, signaling potential breakouts or consolidation.
• High-volume bar at 0.0908 ET 17:30 failed to confirm bullish follow-through, hinting at fading buying pressure.

At 12:00 ET on February 7, 2026, Boundless/USDC (ZKCUSDC) opened at 0.0894, hit a high of 0.0924, a low of 0.0852, and closed at 0.0866. Total volume was 837,357.2, with $71,031.3 in notional turnover over 24 hours.

Structure & Formations

The 24-hour period showed a bearish trend, with price breaking key support at 0.0908 and consolidating around 0.0884. A long bearish candle at 00:15 ET-00:30 ET highlighted institutional selling pressure. The 0.0884 level appears to be a temporary floor, with a potential test of the 0.0875-0.0870 area ahead. No significant bullish reversal patterns emerged during the session, though a bullish engulfing pattern briefly formed at 06:15–06:30 ET before a sharp reversal.

Moving Averages

Short-term momentum has shifted bearish, with 5-minute prices consistently below the 20SMA and 50SMA since 23:30 ET. On the daily chart, the 50DMA and 100DMA are converging, suggesting a potential pivot point near 0.0900 if a rebound occurs.

MACD & RSI

MACD showed bearish divergence in the final hours of the 24-hour window, with price failing to make new highs despite a weaker MACD histogram. RSI hit overbought levels around midday, then dropped below 40 by morning, indicating oversold territory with potential for a counter-trend bounce. However, bearish momentum remains strong.

Bollinger Bands

Bollinger Bands showed a contraction in the 0.0884–0.0892 range overnight, followed by a breakout to the downside early on February 7. Price has since traded near the lower band, suggesting heightened bearish pressure and potential for further short-term declines if volatility expands.

Volume & Turnover

Volume spiked at 0.0908 during 17:30–18:00 ET, but price failed to sustain above that level, signaling distribution rather than accumulation. A large volume bar at 00:15–00:30 ET confirmed institutional selling. Notional turnover increased during the 23:00–03:00 ET period, coinciding with price declines.

Fibonacci Retracements

Key Fibonacci levels on the 5-minute chart (0.0884 at 61.8% and 0.0892 at 38.2%) appear to be acting as immediate resistance and support. Daily retracement levels suggest a potential target near 0.0865–0.0870 as the next support area.

Looking ahead, traders may watch for a potential rebound from 0.0865 or a break below that level to confirm a deeper bearish phase. The next 24 hours could see increased volatility, especially if macroeconomic events or broader market moves influence risk sentiment. Investors should be cautious of rapid downside moves, particularly if volume spikes again with no clear reversal cues.