Market Overview for 0x Protocol/Tether (ZRXUSDT) – 2025-09-23

• ZRXUSDT edged higher in 24 hours, closing near its daily high with moderate volume.
• Volatility dipped mid-day, but expanded in the final 8 hours.
• Price action shows a bullish bias with no clear overbought conditions.
• RSI and MACD suggest a short-term positive momentum shift.
• Volume and turnover aligned closely, indicating strong conviction in recent gains.

The 0x Protocol/Tether (ZRXUSDT) pair opened at $0.2365 on 2025-09-22 at 16:00 ET and closed at $0.2405 on 2025-09-23 at 12:00 ET. The price reached a high of $0.2423 and touched a low of $0.2341. Total volume for the 24-hour window was 2,136,505.5 units, with a notional turnover of approximately $517,351.42.

Structure & Formations

Price found immediate support near $0.2341 and rebounded in a clear ascending wedge pattern. The 15-minute chart revealed a bullish engulfing pattern near $0.2365, followed by a moderate bearish pinbar near $0.2389 at 00:15 ET. These suggest a tug-of-war between buyers and sellers, with buyers ultimately gaining control. A key resistance level is emerging at $0.2411–$0.2415, where price stalled twice, while support is found at $0.2395–$0.2398.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are in a bullish alignment, with price staying above both in the final 6 hours. On the daily chart, the 50-period and 200-period lines are converging, with no clear cross yet, suggesting the pair is in a consolidation phase ahead of a breakout.

MACD & RSI

The 15-minute MACD crossed above the signal line in the final 4 hours, signaling a bullish shift. RSI climbed from the mid-40s to the upper 50s, indicating strengthening momentum but not yet overbought conditions. Divergence between RSI and price was observed in the 02:00–04:00 ET window, suggesting a temporary pullback before resuming the upward trend.

Bollinger Bands

Volatility expanded in the final 8 hours of the 24-hour window, with the Bollinger Bands widening from a 15-minute contraction. Price closed just below the upper band at $0.2405, suggesting a strong move toward the upper end of the channel. This is typically seen as a continuation pattern and may indicate further upside potential in the near term.

Volume & Turnover

Volume spiked to over 216,000 units at 08:45 ET and again at 12:00 ET, coinciding with price peaks. Turnover increased in lockstep, affirming conviction in the higher prices. However, volume was subdued during the 02:00–04:00 ET pullback, indicating weaker bearish sentiment. Price and turnover remain well-aligned, suggesting a healthy and liquid market.

Fibonacci Retracements

Applying Fibonacci retracement levels to the 15-minute swing from $0.2341 to $0.2423, price found support at the 61.8% level ($0.2393) before breaking above $0.2405. Daily retracement levels suggest a potential short-term target at $0.2439 (78.6%) if bullish momentum continues.

Backtest Hypothesis

A potential backtesting strategy could involve entering long positions on a bullish engulfing pattern when price breaks above the 50-period moving average, with a stop-loss set below the most recent swing low. A take-profit target could be set at the 61.8% Fibonacci level. This approach would align with the observed structure and momentum shifts in the recent 15-minute data. Given the current alignment of RSI, MACD, and moving averages, this hypothesis may serve as a practical entry framework for short-term traders.