Market Overview: 0x Protocol/Tether (ZRXUSDT) 24-Hour Technical Analysis

• ZRXUSDT rose 4.69% in the last 24 hours, closing near intraday highs.
• Strong volume expansion and bullish engulfing patterns suggest short-term momentum.
• RSI indicates moderate strength, while MACD shows a positive crossover.
• Price remains within Bollinger Bands, suggesting controlled volatility.
• Divergence in late-session volume may hint at profit-taking ahead.

0x Protocol/Tether (ZRXUSDT) opened at $0.1911 on 2025-11-01 12:00 ET, reached a high of $0.1994, and closed at $0.1987 on 2025-11-02 12:00 ET, rising 4.69% over 24 hours. Total volume was 5.8M ZRX, and notional turnover reached $1.13M. Price action shows a strong push to the upside, with increasing buying pressure in the final hours.

Structure & Formations

The 15-minute chart reveals a series of bullish engulfing patterns beginning at 19:00 ET, followed by a strong reversal at 20:30 ET when price surged from $0.1941 to $0.1951. A key support level appears to be forming near $0.1925–$0.1935, with resistance currently at $0.1960–$0.1965. A notable doji appears near $0.1935, hinting at a potential consolidation before a breakout.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart show a bullish crossover, with the 20-period line above the 50-period line, reinforcing the upward momentum. On the daily chart, the 50-day average is crossing above the 100-day average, signaling a stronger medium-term bullish bias. The 200-day line remains below price, suggesting this rally is relatively new in a broader trend.

MACD & RSI

The MACD line crossed above the signal line in the morning, indicating a strengthening bullish bias. RSI reached a peak of 63 by midday, showing moderate overbought conditions, though not extreme. This suggests the upswing may pause before resuming. A bearish divergence is visible in the late afternoon, as price hits new highs while RSI does not, hinting at a possible near-term correction.

Bollinger Bands

Volatility expanded in the afternoon, with price reaching the upper band at $0.1994 before pulling back slightly. The bands have widened by 8% compared to the previous 24 hours, indicating increased uncertainty. Price remains above the 20-period moving average and near the upper band, suggesting continued strength, but caution is advised as overbought conditions may lead to a pullback.

Volume & Turnover

Volume surged in the final hours of trading, peaking at 475,806 ZRX at 12:30 ET. Notional turnover mirrored this, reaching $94,266 as price climbed to its intraday high. However, divergence appeared after 15:00 ET, with volume declining despite continued price consolidation above $0.1960. This suggests a shift in market sentiment, with potential profit-taking or a lack of follow-through buying pressure.

Fibonacci Retracements

Recent 15-minute swings show a 61.8% retracement at $0.1967, with price consolidating just below that level at 16:00 ET. Daily retracements highlight key levels at $0.1927 (38.2%) and $0.1960 (61.8%), where the market may find either support or resistance. Price is currently near the 61.8% retracement level from the overnight rally, indicating potential for a continuation or pullback.

Backtest Hypothesis

A backtest of the Bullish Engulfing pattern on ZRXUSDT could provide insight into its predictive power. Given the recent appearance of this pattern in the 15-minute data, particularly at 19:00 and 20:30 ET, a holding strategy could be tested over a 48-hour period. By comparing the performance of these signals against a buy-and-hold strategy, traders could assess whether these candlestick patterns offer a consistent edge. However, the reliability of such a backtest depends on the completeness of the historical data and the accuracy of pattern identification.