Market Overview for 0x Protocol/Tether (ZRXUSDT): 24-Hour Analysis (2025-10-04)

• 0x Protocol/Tether (ZRXUSDT) closed lower at $0.2604 after a volatile 24-hour session.
• Price declined from a high of $0.2674 amid mixed momentum and increased volume.
• RSI and MACD suggest bearish momentum, with price consolidating near key support.
• Volume surged during sharp declines, indicating heightened selling pressure.
• Volatility expanded early in the session, but recent action shows contraction.

At 12:00 ET − 1 on 2025-10-03, ZRXUSDT opened at $0.2617 and fluctuated to a high of $0.2674 before closing at $0.2604 at 12:00 ET on 2025-10-04. Total volume over the 24-hour period was 1,550,890.0, and notional turnover was approximately $393,519.26, calculated using the sum of volume × close per candle.

Structure & Formations

ZRXUSDT formed a bearish continuation pattern as it moved down from $0.2674 to $0.2604, breaking below a prior support level at $0.2600–$0.2610. A long lower shadow appeared around $0.2591–$0.2596, suggesting rejection of further downside, but a bearish engulfing pattern confirmed the trend reversal from earlier bullish action. The price action indicates that sellers have gained control, with resistance now likely at $0.2630 and support near $0.2585.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages (20SMA and 50SMA) trend downward, with the 20SMA crossing below the 50SMA to form a death cross. This signals bearish momentum and reinforces the likelihood of further consolidation below $0.2600. On the daily chart, the 50DMA and 200DMA also point lower, with the 50DMA crossing below the 200DMA, reinforcing a longer-term bearish bias.

MACD & RSI

The MACD line moved below the signal line with bearish divergence, suggesting weakening momentum. RSI fell into oversold territory (below 30) after the sharp decline, but the low RSI reading failed to trigger a rebound, which may indicate continued bearish pressure. If RSI stays below 30 and fails to cross back up, it may signal the start of a deeper correction.

Bollinger Bands

Volatility expanded early in the session, with price reaching the upper band at $0.2674. As the session progressed, the bands contracted, and price closed near the lower band, indicating bearish exhaustion. The current price is well below the 20-period Bollinger Band midline, reinforcing the bearish bias. A further contraction could signal a consolidation phase.

Volume & Turnover

Volume surged during the sharp selloff, with the largest candle (at $0.2591–$0.2598) showing a turnover of $150,465.24. This suggests increased selling pressure and strong bearish sentiment. However, the lack of a corresponding rebound after the low indicates that buyers are hesitant to enter at these levels. A divergence between volume and price may point to a potential reversal or consolidation phase.

Fibonacci Retracements

Applying Fibonacci retracement levels to the 15-minute swing from $0.2591 to $0.2674, the 61.8% retracement level sits at $0.2630, while the 38.2% level is near $0.2610. Price is currently testing the 38.2% level and may find support or face rejection if it breaks below. On the daily chart, the 50% and 61.8% retracement levels coincide with key psychological levels that could influence short-term sentiment.

Backtest Hypothesis

A potential backtest strategy for ZRXUSDT would involve a short-biased setup using a combination of RSI, MACD, and volume confirmation. The hypothesis is that when RSI drops below 30, MACD turns negative, and volume increases, the likelihood of a continuation of the downward trend is high. A sell entry would be triggered at the close of a 15-minute candle confirming the bearish breakout from a key level, with a stop-loss placed above the 20SMA. A trailing stop could be used to lock in gains as the pair continues lower. Given the recent price action and technical alignment, this strategy may be particularly effective in the next 24–48 hours.