Market Overview for Zcash/Tether (ZECUSDT) on 2025-11-06

• ZEC/USDT surged to $551.59 before consolidating near $533.
• RSI overbought conditions and a bullish engulfing pattern near $520.
• Volatility expanded as the 20-period SMA was crossed above.

Zcash/Tether (ZECUSDT) opened at $481.01 on 2025-11-05 12:00 ET and closed at $533.14 on 2025-11-06 12:00 ET, hitting a high of $551.59 and a low of $461.68. The total 24-hour trading volume was 495,089.17 ZEC, and notional turnover amounted to approximately $247.8 million. Price action shows a strong bullish reversal from bearish momentum.

The 15-minute chart reveals a clear bullish breakout pattern as price closed above the 20-period and 50-period SMAs. Notable support levels include $473.47 and $480.38, while resistance is now seen near $520.0 and $530.0. A bullish engulfing pattern appeared around $520.0 after a sharp selloff, indicating potential continuation of the upward trend.

MACD shows a positive crossover, with the histogram expanding to the upside, confirming strengthening momentum. RSI reached overbought territory near 75, suggesting short-term caution, although the underlying trend remains intact. Bollinger Bands widened during the breakout, with price currently near the upper band, signaling elevated volatility and aggressive buying pressure.

Volume and turnover spiked sharply during the breakout, with the highest volume recorded at $499.00 and $530.00. The correlation between price and volume is positive, suggesting conviction in the bullish move. Fibonacci retracement levels show the 61.8% level around $534.0 aligning with the current upper range, offering a potential short-term target.

Backtest Hypothesis

The backtesting strategy in question is focused on detecting and acting on Bullish-Engulfing candle patterns. This approach requires accurate identification of such patterns in the ZECUSDT OHLC data over a specific time frame. Given the data interface currently does not recognize the “ZECUSDT” ticker, two viable alternatives exist: either manually supplying the Bullish-Engulfing dates since 2022 or using an external data source to detect the patterns algorithmically. The latter option—fetching OHLC data, applying the pattern detection, and then feeding it to the backtester—is both feasible and reliable. This method ensures the backtest remains independent and robust, while also allowing the strategy to be evaluated using the most up-to-date and accurate candlestick data.

By integrating this strategy with the observed technical strength seen today—particularly the confirmed bullish reversal and positive momentum—the system can be optimized for high-probability entries during similar market conditions. The key is to ensure that the backtest accounts for both pattern accuracy and the broader context of trend, volume, and momentum indicators like MACD and RSI.