Market Overview for 0x Protocol/Tether (ZRXUSDT) on 2025-11-09

Summary
• ZRXUSDT opened at $0.2037 and closed at $0.2088, reaching a high of $0.2146 and a low of $0.2023.
• Total volume hit 9.98 million, with turnover of $2,118,618—volume spikes aligned with key price surges.
• Price found support near $0.2050–0.2060, with a bearish reversal hint at $0.2120.
• Momentum indicators suggest overbought conditions at the 24-hour high.

The 24-hour candle for ZRXUSDT opened at $0.2037, reached a high of $0.2146, dipped to a low of $0.2023, and closed at $0.2088 at 12:00 ET. Total volume traded was 9.98 million ZRX, with a notional turnover of $2,118,618. Price action suggests moderate bullish momentum early on, followed by consolidation and a sharp sell-off into the early morning hours.

Price appears to consolidate between key support at $0.2050–0.2060 and resistance at $0.2120–0.2130. A bearish engulfing pattern formed around $0.2120, signaling possible near-term weakness. A bullish breakout above $0.2146 would likely see price testing the next level of resistance at $0.2160–0.2180.

Short-term indicators and volatility

The 20-period and 50-period moving averages on the 15-minute chart crossed above price, suggesting continued bearish bias in the immediate term. The 50-period line is currently at $0.2100, which may offer temporary resistance. Bollinger Bands have expanded, indicating rising volatility—price is currently in the upper band, suggesting overbought conditions. RSI is hovering near 65, reinforcing the likelihood of a pullback.

The MACD line crossed below the signal line, confirming bearish momentum. A potential oversold condition may appear if price drops below $0.2070, which would trigger a MACD histogram contraction. Volume and turnover show some divergence during price rallies—volume tapers off during bullish spikes, hinting at weaker conviction in buying pressure.

Fibonacci and key levels

Applying Fibonacci retracement to the swing high of $0.2146 and low of $0.2023, the 38.2% level is at $0.2090 and the 61.8% level at $0.2121. Price appears to be consolidating near the 61.8% retracement, suggesting possible short-term indecision. If price breaks below $0.2070, the 38.2% level at $0.2090 may act as a short-term ceiling.

The next 24 hours may see ZRXUSDT consolidate around the $0.2070–0.2100 range, with a break below $0.2060 likely to trigger further bearish pressure. Investors should monitor the 20-period moving average for signs of a reversal or continuation.

Backtest Hypothesis

A potential backtesting strategy involves scanning the ZRXUSDT pair for the Bullish Engulfing candlestick pattern to assess its efficacy for a 3-day-hold trade. However, due to a technical issue with the data provider, the historical pattern dates could not be retrieved. To proceed, the symbol format may need adjustment—common variations include "ZRX-USDT" or "BINANCE:ZRXUSDT." Alternatively, raw OHLC data from a reliable source (e.g., Binance) can be used locally to compute the pattern. Once the Bullish Engulfing dates are determined, a backtest can be executed to evaluate performance. If you have access to the required data or know the preferred exchange, please provide the details to continue.