0x Protocol/Tether (ZRXUSDT) Market Overview

• ZRX/USDT traded in a 24-hour range of $0.1910–$0.1988, closing near 24-hour highs at $0.1953.
• Price formed bullish continuation patterns after a midday retracement and saw volume confirmation on the final upthrust.
• RSI hit overbought levels, suggesting a potential short-term correction, though momentum remains strong.
• Volatility expanded significantly after 05:30 ET as a result of a sharp breakout from a descending wedge.
• High turnover in the final four hours suggests increased accumulation or distribution at key levels.

0x Protocol/Tether (ZRXUSDT) opened at $0.1921 on 2025-10-27 at 12:00 ET and closed at $0.1953 24 hours later at 12:00 ET, reaching a high of $0.1988 and a low of $0.1910 during the period. Total volume traded was 7,655,175 ZRX, with a notional turnover of $1,507,234.

Structure & Formations

Price action on ZRXUSDT displayed a descending wedge from 19:45 ET to 05:30 ET, resolving with a breakout to the upside. This was followed by a bullish continuation pattern, with price forming multiple hanging man and inverted hammer formations during the 19:00–20:30 ET range. A bullish engulfing pattern emerged at 00:15–00:30 ET, confirming the resumption of higher-degree bullish momentum. The $0.1932–$0.1958 range acted as key support, with the $0.1968–$0.1975 level forming strong resistance. A doji at 05:30 ET marked the peak of the breakout move and may signal a short-term pause in upward momentum.

Moving Averages

On the 15-minute chart, the 20 EMA rose above the 50 EMA, forming a bullish crossover just after 00:30 ET. This remained intact through most of the 24-hour period, supporting higher highs. On the daily chart, the 50 SMA crossed above the 100 SMA, reinforcing a mid-term bullish bias. The 200 SMA, however, remains a significant psychological hurdle and currently sits below the 24-hour high at $0.1988. This suggests that while the short-term trend is bullish, a deeper bullish conviction may require a retest and confirmation above the 200 SMA.

MACD & RSI

The MACD moved into positive territory at 00:15 ET, confirming the bullish divergence observed in price and volume. It remained above the signal line for most of the 24-hour window, with a peak of +0.0008 at 05:30 ET. The RSI hit overbought territory above 70 from 05:45 ET onward and remained elevated until 10:00 ET, indicating a potential correction or consolidation phase. However, RSI did not show signs of bearish divergence, suggesting that the underlying bullish momentum is intact. A retest of the 61.8% Fibonacci retracement level at $0.1968 may provide a critical test for bearish exhaustion.

Bollinger Bands

Price moved outside the upper Bollinger Band at 05:30 ET, signaling a period of high volatility and strong bullish momentum. This expansion was supported by a spike in volume and turnover, reinforcing the validity of the breakout. Subsequent price action remained within the bands from 07:00–11:00 ET, indicating a consolidation phase. The lower Bollinger Band acted as a key support level multiple times, most notably at 20:00 ET and 02:30 ET. A retest of the lower band at $0.1936 may offer a potential entry point for longs or a confirmation of bearish exhaustion.

Volume & Turnover

Volume showed a significant increase during the breakout at 05:30 ET, with over 391,440 ZRX traded in that 15-minute candle. Turnover also spiked, reaching $76,800, suggesting strong participation from large buyers. Between 06:45–07:15 ET, volume remained consistently above average, supporting the continuation of bullish momentum. A volume divergence occurred between 19:00–20:15 ET, as price declined while volume remained elevated—this could suggest distribution or accumulation at key support levels.

Fibonacci Retracements

Applying Fibonacci retracements to the recent swing from $0.1910 to $0.1988, the 38.2% retracement level is at $0.1950, which has acted as a pivot point in multiple 15-minute candles. The 61.8% retracement at $0.1968 was tested and held as support on 10:45–11:00 ET. This level is likely to be retested in the near future and could either consolidate the gains or trigger a bearish reversal if breached with strong volume. Daily Fibonacci levels, derived from the broader uptrend since late September, also confirm $0.1950–$0.1968 as a critical consolidation range.

Backtest Hypothesis

Given the current price action, a rule-based backtest can be applied using pivot-high resistance levels as the exit trigger. Specifically, we define the resistance level as the most recent swing high (pivot high) over the last N = 20 15-minute candles. A long position entered at the close of a bullish candle (e.g., a bullish engulfing or a strong breakout candle) would be exited once the close price reaches or exceeds that pivot-high. This approach is consistent with the 24-hour ZRXUSDT price behavior observed today, where a strong breakout occurred from a descending wedge and was followed by a continuation pattern. The strategy could be further enhanced by including a stop-loss at the recent swing low, which in this case is $0.1932. The use of pivot-high resistance levels is particularly relevant given the clear resistance cluster around $0.1968–$0.1975, as confirmed by both volume and price action. This method provides a measurable and objective way to capture trend-based moves while managing risk effectively.