Market Overview for 0x Protocol/Tether (ZRXUSDT)

Summary
• Price opened at $0.119 and closed at $0.116, showing bearish pressure over 24 hours.
• Key support appears at $0.1152, with a rejection and bounce observed in early December.
• Volume spiked during the early morning ET, aligning with price weakness, suggesting distribution.
• Momentum indicators show oversold conditions, hinting at potential near-term rebound.
• Volatility remains compressed, indicating a potential breakout could be near.

Market Overview

At 12:00 ET on 2025-12-24, 0x Protocol/Tether (ZRXUSDT) opened at $0.119, reached a high of $0.1195, fell to a low of $0.1138, and closed at $0.116. Total 24-hour trading volume was 1,208,100 ZRX, with turnover of $141,024.

Structure & Formations

Price has been trending lower throughout the 24-hour period, with several bearish candlestick formations including a large-bodied bearish candle on 2025-12-24 02:45 ET, closing at $0.1159 after opening at $0.1167. A potential support zone appears around $0.1152, where multiple candles have bounced after a prior breakdown.

Moving Averages

On the 5-minute chart, the 20-period and 50-period moving averages are both bearishly aligned, with price below both. On the daily chart, the 50/100/200-day moving averages are not immediately critical but suggest the pair is in a medium-term consolidation phase.

MACD & RSI

The RSI has dipped below 30, indicating oversold conditions and potentially signaling a short-term bounce. However, the MACD is in negative territory with a bearish crossover, reinforcing the short-term downward bias.

Bollinger Bands

Volatility has been relatively compressed over the past 24 hours, with price staying within the Bollinger Band for most of the period. The recent dip near $0.1138 may have tested the lower band, but a rebound followed.

Volume & Turnover

Volume spiked during the early morning hours in ET, with particularly high turnover at 02:45 ET and again at 14:45 ET, corresponding with sharp price declines. Volume and price action are aligned bearishly, with no notable divergence.

Fibonacci Retracements

On the 5-minute chart, price appears to have found temporary support at the 38.2% Fibonacci retracement level of a prior $0.1195 to $0.1138 move. Further support could be expected at the 61.8% level around $0.1145–$0.1146 if the current bearish trend continues.

Looking ahead, the pair may test the $0.1152–$0.1145 support cluster for potential reversal or continuation. Traders should monitor for a break above the 50-period MA or a rejection below the 61.8% Fibonacci level. A significant move in either direction could indicate the next phase of the trend. Risk remains to the downside in the short term, particularly if volume increases alongside a break below $0.115.