0x Protocol/Tether (ZRXUSDT) Market Overview

• Price rose to a high of 0.2634 before consolidating near 0.257.
• Momentum shifted from bullish to neutral in late hours.
• Volatility expanded in the first half of the day, then compressed.
• Key resistance at 0.2615–0.2634 and support at 0.257–0.2565 identified.
• Volume surged early, with divergences emerging as price declined.

The 0x Protocol/Tether (ZRXUSDT) pair opened at 0.2528 on October 2, 2025, reached a high of 0.2634, and closed at 0.2631 at 12:00 ET on October 3. Total 24-hour volume was approximately 2,425,216.0, with a notional turnover of ~$619,878.70, showing robust early-session activity followed by a bearish pullback.

Structure and price behavior revealed multiple key levels: a strong resistance cluster between 0.2615–0.2634, supported by a bullish pinocchio and a 50% Fibonacci retracement, and a critical support area between 0.257–0.2565, reinforced by a bearish engulfing pattern and a 61.8% Fibonacci level. Volatility expanded early in the 24-hour window and contracted as the market closed in a narrower range, suggesting potential consolidation or a reversal scenario.

Moving averages on the 15-minute chart showed price crossing above the 20-period line around 19:30 ET, but later retreating below it after 02:00 ET the next day. The 50-period line remained above the 20-period line, indicating a moderate bullish bias early on but a shift to bearish momentum in the latter part of the day. On the daily chart, the 50-period MA continued to outperform the 100-period MA, though both were below the 200-period MA, signaling a neutral to bearish bias.

The RSI reached overbought territory (above 65) around 19:30 ET, followed by a strong decline to a neutral zone, suggesting exhaustion of the bullish move. The MACD showed a bullish crossover early, but crossed back into negative territory by 03:00 ET, aligning with the weakening price action. Bollinger Bands reflected an initial expansion in volatility with price near the upper band, followed by a contraction and price hovering near the midline, indicating potential indecision or a reversal setup.

Volume surged during the early bullish phase, with a large candle at 19:45 ET showing high volume and a bearish reversal. As price declined, volume dropped, signaling divergence between price and strength. Notional turnover mirrored the same trend, with lower turnover during the decline. This divergence suggests caution for further downside unless volume picks up on a rebound.

Fibonacci retracement levels from the 0.2528–0.2634 swing identified 0.257 (38.2%) and 0.2565 (61.8%) as critical support levels, both of which were tested and held. Resistance at 0.2615–0.2634, which includes a 161.8% extension, remains key for the next potential rally.

Looking ahead, ZRXUSDT may test the 0.2565–0.257 support zone in the next 24 hours. A break below could target 0.2548, while a rebound above 0.2634 may see a retest of 0.2634–0.2650. Traders should remain cautious as volatility remains moderate and divergence between price and volume suggests a potential pause or reversal.

Backtest Hypothesis

The described backtesting strategy relies on a multi-timeframe approach that identifies bullish and bearish divergences in RSI and volume, particularly during price consolidation or pullbacks near key support/resistance levels. For ZRXUSDT, this would translate into entering longs on a bullish divergence in RSI (price lower, RSI higher) near the 0.2565–0.257 level with a stop below 0.2553, or shorts on bearish divergence near 0.2615–0.2634 with a stop above 0.265. Given the 24-hour action and the observed divergence in the latter half of the day, a short-term reversal setup is plausible, especially if volume confirms the next move.