Market Overview for 0x Protocol/Tether (ZRXUSDT) — 2025-11-01

• 0x Protocol/Tether (ZRXUSDT) traded in a descending channel with a bearish reversal formation around 0.1835–0.1856
• Price dropped to 0.1811 before rebounding with a bullish divergence in volume and price action
• RSI and MACD showed bearish momentum in the morning before a late afternoon reversal
• Volatility expanded post-18:45 ET with a closing bullish harami at 0.1851–0.1856
• Turnover surged during the 0.1811–0.1859 recovery, suggesting short-covering and potential buying interest

0x Protocol/Tether (ZRXUSDT) opened at 0.1856 on 2025-10-31 12:00 ET and reached a low of 0.1811 before closing at 0.1859 on 2025-11-01 12:00 ET. Total traded volume for the 24-hour period was 10.9 million ZRX, with a notional turnover of $1.99 million. The pair displayed a complex bearish-bullish reversal pattern as it pulled back from a key intraday low.

In the morning session, ZRXUSDT fell to a 24-hour low of 0.1811 amid a 15-minute candle that showed a bearish breakout from a descending triangle, confirming the continuation of the short-term downtrend. However, by late afternoon, a strong rebound formed a bullish harami and a bullish engulfing pattern at 0.1833–0.1856, signaling potential reversal. The 20-period EMA dipped slightly below the 50-period EMA, reinforcing bearish bias early, but both lines began converging by the close.

MACD crossed into negative territory during the morning decline, showing bearish momentum, but crossed back above zero in the afternoon. RSI reached 26 at 0.1811, indicating oversold conditions, followed by a sharp upward correction. Bollinger Bands expanded significantly after 18:45 ET, with price closing near the upper band at 0.1859, suggesting heightened volatility and potential continuation of the bullish recovery.

Fibonacci retracement levels played a key role in the price recovery. The 50% retracement at 0.1835 and 61.8% at 0.1856 acted as psychological support and price consolidation points. Volume analysis showed a divergence with price in the morning but aligned with the afternoon recovery. Notional turnover surged during the 0.1811–0.1859 move, suggesting short-covering and accumulation.

The bullish harami and 61.8% Fibonacci level at 0.1856 may offer a short-term pivot for ZRXUSDT. However, traders should remain cautious as the 20-period EMA remains below the 50-period EMA, and a retest of the 0.1835–0.1843 support range could be imminent. Volatility is likely to persist, and a move above 0.1861 could signal a more sustained bullish breakout.

Backtest Hypothesis

A recent attempt to backtest the “bullish-engulfing” pattern on ZRXUSDT encountered a technical-indicator endpoint issue, preventing the standard automated signal pull. Three options exist to proceed: retry the query immediately, compute the pattern locally from raw OHLCV data (with a 1–2 call overhead and ~30 seconds run-time), or provide known dates of pattern occurrence for direct backtesting. Given the recent formation of a bullish engulfing pattern at 0.1833–0.1856, retesting this signal using local OHLCV data would provide a more robust confirmation of its reliability in the current context.