Zcash/Tether (ZECUSDT) Market Overview

• ZECUSDT formed a bullish recovery from a 24-hour low of $366.05 to a high of $449.80.
• Price retested the 20-period MA on the 15-min chart, indicating potential momentum resumption.
• On-balance volume surged during the late-night and early-morning hours, correlating with key price moves.
• A bearish divergence in the RSI suggests caution ahead of possible reversal.

The Zcash/Tether pair (ZECUSDT) opened at $387.38 on the previous day (2025-10-31 @ 12:00 ET) and reached a high of $449.80, before closing at $423.83 as of 12:00 ET on 2025-11-01. The 24-hour period saw a range of $366.05 to $449.80, with a total trading volume of 496,501.5 ZEC and a notional turnover of $199,613,000.

Price initially declined sharply in the early afternoon, forming a bearish engulfing pattern before reversing with strong buying pressure during the late night and early morning. A notable bullish breakout above a recent high of $409.82 followed, with price closing above the 20-period moving average on the 15-minute chart, suggesting a possible continuation of the upswing.

Bollinger Bands indicated a period of volatility expansion as the bands widened during the bullish breakout, with price pushing above the upper band at key moments. The MACD showed a positive crossover with a rising histogram, signaling building momentum, although the RSI reached overbought territory, hinting at potential exhaustion or a short-term pullback. A divergence between the RSI and price during the final leg of the rally adds a cautionary note.

Fibonacci levels played a role in key price behavior. The 38.2% and 61.8% retracement levels at $414.0 and $427.0, respectively, acted as psychological support and resistance. A potential retest of $414.0 could confirm if the upswing is sustainable. Volume spiked dramatically during the $409.82 breakout and during the subsequent consolidation phase, affirming the validity of the recent price move.

The MACD and RSI have been central in assessing momentum and overbought/oversold conditions. Given the recent divergence in RSI and the price reaching overbought levels, the backtest strategy described can be integrated by using the 14-period RSI as a signal generator for potential long or short entries. Since RSI data could not be retrieved, a viable alternative is to extract raw daily close prices and compute the RSI locally. This would allow for a more tailored approach, especially if historical RSI <30 (oversold) or >70 (overbought) events are known, enabling a more accurate backtest. Utilizing ZEC-USD as an alternative ticker or specifying a particular exchange may also help in retrieving the required RSI data for the full period from 2022-01-01 to 2025-11-01.

Looking ahead, ZECUSDT may consolidate near the 20-period MA before resuming a bullish bias, provided that support at $414.0 holds. A break below this level could trigger a retest of the 61.8% Fibonacci level at $400.84. Traders should remain cautious of the RSI divergence and monitor volume closely for signs of conviction or exhaustion.