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

Summary
• Price rose from 0.137 to 0.1415, breaking key resistance with strong volume near 17:00 ET.
• MACD and RSI show positive momentum but not overbought, suggesting continued upward potential.
• Volatility expanded after 17:00 ET, with Bollinger Bands widening alongside price breakout.
• A bullish engulfing pattern formed at 17:15–17:30 ET, supporting the uptrend.
• Volume surged in the final 5 hours, confirming strength in the rally.

The 24-hour session for ZRXUSDT began at 0.137 and closed at 0.1415 by 12:00 ET, with a high of 0.1413 and a low of 0.1365. Total volume was 15,835,100, and notional turnover reached 2,184,524.18.

Structure & Formations

Price broke through a key resistance level at 0.1405, confirmed by a bullish engulfing pattern between 17:15 and 17:30 ET, and held above 0.1400 for most of the session. A minor support appeared at 0.1395, which was retested but not broken, suggesting buyers remain in control. A potential next resistance lies near 0.1418, where a bearish reversal may emerge if momentum slows.

Moving Averages

On the 5-minute chart, the 20-period MA crossed above the 50-period MA just before the breakout, forming a golden cross that added to the bullish bias. The 50-period MA now sits at approximately 0.1392, below the current price, indicating sustained upward momentum. Daily MAs (50/100/200) are still unaligned with the intraday surge, suggesting a possible continuation into the next daily session.

MACD & RSI

MACD showed a positive crossover at 17:15 ET, with the histogram expanding through 0.1395–0.1418, confirming the bullish breakout. RSI climbed to 58–60, avoiding overbought territory, indicating room for further gains if volume remains strong.

Bollinger Bands

Volatility expanded significantly after 17:00 ET, with the bands widening to accommodate the price surge. Price closed near the upper band, suggesting a continuation of the trend unless a contraction occurs, which may signal consolidation or a reversal.

Volume & Turnover

Volume spiked in the 5-hour window between 17:00 and 22:00 ET, particularly after the 17:30 ET candle. This coincided with price breaking 0.1400, confirming the move. Turnover increased by over 40% in this period, showing strong participation. No significant divergence was observed between price and turnover, reinforcing trend strength.

Fibonacci Retracements

Applying Fibonacci to the 0.1365–0.1413 swing, price held above the 61.8% level (0.1393) and closed near the 78.6% level (0.1407), suggesting a likely test of 0.1418 in the next session. A close above that could signal a 100% extension target near 0.1425.

Market Outlook

The breakout above 0.1400 appears to be supported by volume and momentum, with key resistance at 0.1418 as the next target. However, a pullback to the 0.1395–0.1400 range should be monitored for potential continuation or reversal. Traders may want to watch the 20-period MA on the 5-minute chart for early signs of weakening momentum.

While the trend appears to favor longs, a sudden drop in volume or a bearish divergence in RSI could signal a reversal. Caution is warranted if the price fails to hold above 0.1400 in the next 24 hours.