Market Overview for 0x Protocol/Tether (ZRXUSDT) — 2025-09-18

• ZRXUSDT rallied to a high of $0.2731, pulled back to $0.2681, and settled near $0.2691 at 12:00 ET.
• Volume surged during the morning hours, with notable consolidation in afternoon trading.
• RSI entered overbought territory briefly, but lacks confirmation for a continuation move.
• Bollinger Bands expanded following the breakout, indicating elevated short-term volatility.
• A bullish engulfing pattern formed on the 15-minute chart, suggesting a potential reversal from key support.

0x Protocol/Tether’s ZRXUSDT pair opened at $0.2597 on 2025-09-17 at 12:00 ET, peaked at $0.2731, reached a low of $0.2681, and closed at $0.2691 on 2025-09-18 at 12:00 ET. Total volume for the 24-hour period was 7,438,866 contracts, with a notional turnover of $2,023,920. The price action shows a clear shift in momentum from bearish to bullish in the late afternoon to evening hours.

The structure of the 15-minute OHLCV data reveals a key support level forming around $0.2681–$0.2685, reinforced by multiple touches and a bullish engulfing pattern on the candle ending at 2025-09-17 19:30. Resistance is emerging around $0.2716–$0.2721, where price has tested twice, once with a rejection and once with a temporary break. A doji formed at $0.2730 after an initial breakout, hinting at indecision.

MACD showed a positive crossover with the signal line during the rally from $0.2681 to $0.2731, confirming bullish momentum. RSI reached 68–69 in the late afternoon before declining, indicating overbought conditions without a strong follow-through. Bollinger Bands expanded during the breakout phase and have since narrowed slightly, pointing to a potential consolidation phase. The price currently rests just above the 20-period moving average and above the 50-period, suggesting short-term bullish bias.

Volume spiked during the rally to $0.2731, with the highest single candle volume at $0.2731 in the evening hours. However, volume has declined in the consolidation phase, indicating reduced conviction. Turnover spiked during the breakout but has since tapered off. Price and turnover are aligned in the bullish phase but diverge slightly in the consolidation period, raising some caution. Fibonacci retracement levels show the current price near the 50% and 61.8% retracements of the recent swing high, which may act as a pivot for either continuation or reversal.

The backtest strategy in focus relies on identifying a bullish engulfing pattern on the 15-minute chart, coupled with a positive MACD crossover and RSI above 50. The ZRXUSDT pair fulfilled all three conditions during the candle ending at 2025-09-17 19:30. A hypothetical long entry at $0.2659 with a stop below $0.2638 and a target at $0.2716–$0.2721 could have captured most of the subsequent move. This pattern has historically led to a 3–5% range extension if the consolidation phase sees renewed buying pressure.