Market Overview for 0x Protocol/Tether (ZRXUSDT) – 24-Hour Summary

• Price declined from 0.2431 to 0.2372 before a late-day rebound to 0.2410.
• Key support tested at 0.2372–0.2387, followed by a modest recovery.
• Volatility and volume surged during the 17:45–20:00 ET selloff, peaking at 0.2387.
• RSI approached oversold territory, suggesting potential for a short-term bounce.
• Bollinger Bands contracted before an expansion, indicating a likely continuation of current momentum.

0x Protocol/Tether (ZRXUSDT) opened at 0.2412 on 2025-09-23 at 12:00 ET and closed at 0.2410 on 2025-09-24 at the same time. The 24-hour session saw a high of 0.2469 and a low of 0.2357. Total volume reached 4,136,996.0, and notional turnover amounted to approximately 986,044.0.

Structure & Formations

ZRXUSDT experienced a bearish breakdown from key resistance at 0.2419–0.2421 before forming a recovery pattern. A notable bearish engulfing pattern occurred between 19:45 and 20:00 ET, confirming the short-term bearish bias. Later, a bullish inside bar developed around 22:45 and 23:00 ET, indicating short-covering and early accumulation. The price found support at the 0.2372–0.2387 range before rebounding, forming a potential bullish pennant.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages (SMA20 and SMA50) were closely aligned during the selloff and diverged during the late-day rally. The price crossed above the SMA20 for the first time in over 12 hours at 08:00 ET, signaling short-term bullish momentum. The daily chart shows the price hovering near the 50-day moving average, indicating a potential consolidation phase after recent volatility.

MACD & RSI

The MACD line turned positive after 08:00 ET, with a bullish crossover of the signal line, suggesting renewed upward momentum. RSI bottomed near 30 during the 03:30–05:00 ET selloff, signaling oversold conditions and a potential bounce. However, a bearish divergence in the RSI was observed during the 17:45–19:30 ET decline, indicating caution for further short-term declines.

Bollinger Bands

Bollinger Bands contracted significantly between 02:00 and 04:00 ET, suggesting a period of consolidation before a late-day breakout. The price closed near the upper band at 14:30–15:00 ET, reinforcing the bearish breakout. The recent expansion in band width suggests an increase in volatility, with price currently sitting around the middle band, indicating a potential balance between buyers and sellers.

Volume & Turnover

Volume spiked dramatically during the 17:45–20:00 ET selloff, with a 15-minute candle at 17:45 ET posting 335,130 in volume. Notional turnover also surged during this window, aligning with the price drop and confirming bearish sentiment. A smaller but consistent volume buildup was seen during the 08:00–11:00 ET rally, suggesting accumulation by buyers. No significant divergence was observed between price and volume in the latter half of the session, indicating healthy momentum behind the recent rebound.

Fibonacci Retracements

Applying Fibonacci retracements to the 17:45–20:00 ET selloff, the 61.8% level was at 0.2395 and was tested during the 03:30–04:00 ET session. The price then moved toward the 78.6% level at 0.2411, which was briefly touched at 09:30–10:00 ET. A 38.2% retracement level at 0.2431 was tested during the 15:00–15:30 ET window and failed to hold, suggesting bearish dominance in the near term.

Backtest Hypothesis

A potential backtesting strategy could focus on entering long positions when the price breaks above the 20-period SMA and the RSI moves above 50, with a stop-loss placed at the most recent swing low. Conversely, short entries could be triggered on bearish engulfing patterns and RSI below 30, with a target of the next Fibonacci retracement level and a stop-loss above the 50-period SMA. This approach aligns with the observed price behavior, where the late-day rally and RSI divergence provided clear entry and exit cues for directional trades.