Zcash/Tether Market Overview

• ZECUSDT opened at $336.53 and closed at $383.51, forming a bullish reversal from a 24-hour low of $300.0.
• A key 15-minute engulfing pattern emerged at $300.0–$309.19, signaling a potential trend reversal.
• Volatility expanded significantly, with price surging above a 61.8% Fibonacci retracement level.
• MACD crossed bullish and RSI climbed above 50, suggesting sustained upward momentum.
• High-volume surges occurred during key reversals, confirming price action and strengthening bullish case.

24-Hour Price Action and Key Metrics

Zcash/Tether (ZECUSDT) opened at $336.53 on 2025-10-30 12:00 ET and closed at $383.51 at 12:00 ET on 2025-10-31, after hitting a 24-hour low of $300.0 and a high of $389.51. Total volume across the 24-hour period was approximately 654,405.91 ZEC, with notional turnover amounting to $247,846,962.07. The price action shows a strong reversal and consolidation into a bullish setup.

Support/Resistance and Candlestick Patterns

A critical support level was identified at $300.0 after a 15-minute candle closed at $300.09 following a sharp drop from $309.18. This low acted as a strong psychological and technical floor. A bullish engulfing pattern formed on the candle starting at $300.09, followed by a continuation into a higher range. Resistance levels emerged at $340.0 and $360.0, with price testing these areas multiple times before surging past $370.0. The price has now settled above the 61.8% Fibonacci retracement level of the $300.0–$389.51 swing, indicating a strong continuation bias.

Moving Averages and Momentum Indicators

On the 15-minute chart, the 20-period and 50-period SMAs are aligned bullish, with price above both. The 50-period SMA is trending upward, confirming a medium-term bullish trend. On the daily chart, the 50-period SMA appears to be acting as support, and the 100-period and 200-period SMAs are also trending higher. The MACD crossed to the positive side with a strong histogram, indicating increasing bullish momentum. RSI is in overbought territory above 65, suggesting short-term caution but not yet extreme overbought conditions.

Bollinger Bands and Volatility

Bollinger Bands show significant expansion as price swung from the lower band to the upper band within the last 24 hours. Price has recently consolidated near the upper band, indicating strong upward momentum. This volatility expansion and consolidation could signal a potential breakout or continuation of the bullish trend. A contraction in volatility may indicate a pause before the next move, but current conditions favor an extension of the rally.

Volume and Notional Turnover

Volume spiked sharply during key reversal points, particularly when price rebounded from the $300.0 level and again during the $360.0–$370.0 consolidation phase. The notional turnover spiked in correlation with price action, confirming the bullish reversal rather than indicating divergence. These volume spikes suggest strong participation and conviction among traders, reinforcing the likelihood of a continuation of the upward trend in the near term.

Fibonacci Retracements and Key Levels

Fibonacci levels on the recent 15-minute swing ($300.0–$389.51) show price has now settled above the 61.8% retracement level of $353.6. This level has historically acted as a strong support/resistance, and its breakout suggests a target around $385.0–$390.0. On the daily swing, the 38.2% level at $364.0 appears to be a minor consolidation point, while the 61.8% at $378.5 is expected to be the next key resistance. These levels provide clear targets and potential pauses for traders to assess the trend's strength.

Backtest Hypothesis

Given the strong alignment between MACD, RSI, and Fibonacci levels, a potential backtest strategy could involve entering a long position on a confirmed MACD golden cross (when the MACD line crosses above the signal line) occurring in conjunction with RSI above 50 and a bullish engulfing pattern. This strategy could be tested on historical ZECUSDT data from 2022 onward, using a fixed stop-loss at the most recent support and a target at the 61.8% Fibonacci level. Backtesting would help determine the win rate, risk/reward ratio, and overall viability of this approach in real market conditions.