Market Overview for 0x Protocol/Tether (ZRXUSDT) – 2025-11-06

Summary
• Price surged from $0.1892 to $0.2143 in 24 hours, showing strong bullish momentum.
• Volume spiked to 2.239M at 13:30 ET, confirming the breakout and price acceleration.
• RSI overbought conditions emerged late in the session, suggesting potential pullback risk.

The 24-hour period from 12:00 ET–1 to 12:00 ET on 2025-11-06 saw 0x Protocol/Tether (ZRXUSDT) trading between $0.1892 and $0.2143. The pair opened at $0.1892 and closed at $0.2013. Total volume reached 8.66 million contracts, while notional turnover amounted to approximately $1.61 million, reflecting increased participation in the bullish trend.

Structure & Formations

Price formed a clear bullish breakout on the 15-minute chart, with a sharp rally from $0.1885 to $0.2137 by 13:30 ET. A key support level appears to have formed around $0.1875, as the price bounced off this area multiple times during the day. Resistance was broken at $0.2095, with subsequent action forming a bullish continuation pattern around $0.2050. A bearish divergence in price and RSI emerged near the $0.2143 peak, hinting at possible profit-taking ahead.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are in bullish alignment, with the price trading above both. The 50-period line is acting as a dynamic support, currently at ~$0.1975. On the daily chart, the 50-period MA is at ~$0.1920, and the 200-period MA is at ~$0.1850, suggesting that the recent rally has pushed ZRXUSDT into overbought territory relative to its longer-term trend.

MACD & RSI

The MACD histogram shows expanding bullish momentum throughout the day, with a positive crossover occurring in the morning. RSI reached overbought territory (~75) near the $0.2143 high, suggesting potential exhaustion in the rally. A bearish RSI divergence at the top of the move reinforces the idea of a possible near-term correction.

Bollinger Bands

Volatility expanded significantly during the rally, with the upper Bollinger Band reaching $0.2143 at the peak. The price touched the upper band multiple times, particularly in the 8:00–10:00 ET timeframe, before breaking out. The lower band hovered around $0.1850 to $0.1860, where the price found support. This wide band suggests a period of increased volatility and active buying pressure.

Volume & Turnover

Volume spiked at key turning points, including a 2.239M volume candle at 13:30 ET as ZRXUSDT surged toward $0.2137. Notional turnover mirrored the volume pattern, confirming the price strength. A divergence appears later in the session, where volume declined despite the price reaching a new high, suggesting reduced conviction in the move higher.

Fibonacci Retracements

Applying Fibonacci levels to the $0.1875–$0.2143 swing, key retracement levels at 38.2% (~$0.2000) and 61.8% (~$0.1935) are critical for near-term support. The 61.8% level appears increasingly relevant if the current rally fails to hold above $0.2000. A pullback to the 61.8% level could test buyers' conviction and trigger a reversal pattern.

Backtest Hypothesis

Given the recent formation of bullish engulfing patterns around key support levels and the divergence in RSI, a backtesting strategy could focus on entries on confirmation of the pattern with stop-loss placed below the pattern’s lowest low. Alternatively, a bearish strategy could target the 61.8% Fibonacci level, with a stop above the high of the breakout candle. For ZRXUSDT, these signals appear actionable over the next 48 hours, though execution would require access to a validated dataset of the engulfing patterns or a reliable OHLCV source to replicate them.