Market Overview for 0x Protocol/Tether (ZRXUSDT) - 2025-10-29

• ZRX/USDT opened at $0.1939 and closed at $0.1914 after a 24-hour range between $0.193 and $0.1955.
• Price action showed a bearish bias post-17:30 ET with a key 15-minute breakdown below $0.1940.
• Volume spiked during the late ET sell-off, but turnover did not confirm the move, suggesting mixed conviction.
• RSI entered oversold territory near 30, while MACD showed bearish crossover, signaling potential consolidation.
• Volatility increased during sharp declines, with price briefly breaching lower Bollinger Bands on 15-minute charts.

0x Protocol/Tether (ZRXUSDT) opened at $0.1939 on 2025-10-28 12:00 ET and closed at $0.1914 by 2025-10-29 12:00 ET. The 24-hour high was $0.1955, and the low was $0.1906. Total trading volume reached 6,813,463.0 ZRX, with a notional turnover of approximately $1,310,575.00 (using average close prices for estimation).

Structure & Formations

The 24-hour period revealed a clear bearish bias after a morning consolidation phase. A key breakdown occurred below $0.1940 around 17:30 ET, with a 15-minute candle closing at $0.1935 on a bearish body. This candle formed a dark cloud cover pattern with strong bearish implications. A large bearish engulfing pattern followed later in the late ET session, confirming the bearish shift. Key support levels were identified at $0.1920 and $0.1906, both showing increased volume on retests. Resistance levels appear to be forming near $0.1935 and $0.1945 as price struggled to close above these levels repeatedly.

Moving Averages

On the 15-minute chart, the 20SMA and 50SMA crossed in a bearish divergence by late ET, confirming the downward shift in momentum. On the daily chart, ZRXUSDT remains below the 50DMA and 100DMA, indicating medium-term bearish sentiment. The 200DMA acted as a strong support level at around $0.1900–$0.1910, suggesting a potential floor for short-term bounces.

MACD & RSI

The MACD crossed below the signal line during the sharp drop in late ET, forming a bearish crossover, which aligned with the price action. RSI dipped into oversold territory, hitting a low of ~30, suggesting the potential for a short-term rebound. However, the bearish divergence in MACD and the delayed RSI recovery indicate that momentum is still skewed to the downside. Traders may look for a RSI bounce above 40 as a potential entry trigger, but caution is warranted given the strong bearish bias.

Bollinger Bands

Volatility expanded significantly during the sharp sell-off between 19:00–20:30 ET, with price breaking below the lower band on multiple 15-minute candles. This is a high-volatility indicator often associated with key breakouts or breakdowns. Price later traded within the Bollinger Band range, with the upper band near $0.1950 and the lower band near $0.1900–$0.1910, indicating a potential consolidation phase.

Volume & Turnover

Volume surged during the late ET sell-off, particularly between 19:00 and 20:30 ET, when turnover hit a peak of over $55,000 in notional value. However, subsequent price action showed weaker volume and smaller candle bodies, suggesting a potential exhaustion of the bearish move. The divergence between price and turnover during the early morning consolidation phase indicates that the rally lacked strong conviction, making a retest of support levels likely.

Fibonacci Retracements

Applying Fibonacci levels to the 15-minute swing from $0.1906 to $0.1955, key retracement levels at 38.2% ($0.1930) and 61.8% ($0.1916) have shown price rejection, with the 61.8% level currently being tested. On the daily chart, the 61.8% retracement of the larger bearish move from $0.1950 to $0.1906 is at $0.1913, coinciding with the 15-minute 61.8% level and the 200DMA. This convergence makes it a key level to watch for potential reversals or breakdowns.

Backtest Hypothesis

Given the recent bearish structure and the alignment of key technical levels at $0.1913–$0.1916, a backtesting strategy could focus on a short-biased approach. A potential entry would be on a close below the 61.8% retracement level at $0.1913, with a stop loss above $0.1925 to protect against a false breakdown. A target could be set at the next Fibonacci level at 78.6% (~$0.1900) and further to the 100% target at $0.1887. This approach leverages the confluence of Fibonacci, moving average, and Bollinger Band levels to increase probability, while the MACD divergence and bearish candlestick patterns add confirmation. Given the high volume on the breakdown and the oversold RSI, the strategy could also include a RSI rebound rule to avoid early entries during a false bounce.