Market Overview for 0x Protocol/Tether (ZRXUSDT)

Summary
• ZRXUSDT dropped to a 24-hour low of 0.2021, driven by bearish momentum and volume expansion.
• A key 0.2164 support level showed strength, limiting further downside.
• RSI entered oversold territory, signaling possible near-term reversal.
• Volatility expanded in the last 10 hours, but price consolidation suggests a possible pause.

The 0x Protocol/Tether (ZRXUSDT) pair opened at 0.217 on 2025-11-07 at 12:00 ET and closed at 0.2034 on 2025-11-08 at 12:00 ET, with a high of 0.2254 and a low of 0.2021 over the 24-hour window. Total volume amounted to 56,834,760, while notional turnover totaled $11,473,809 (based on average price). The price action has shown increasing bearish momentum and volatility, particularly after 03:00 ET on 11-08.

Key support levels were observed at 0.2164 and 0.2075, with the latter briefly testing in the last 2 hours. On the 15-minute chart, the 20-period and 50-period moving averages both trended downward, reinforcing bearish bias. The 50-period daily moving average currently sits above 0.221, suggesting medium-term bearishness.

MACD (12,26,9) showed a negative divergence, with the histogram decreasing in magnitude after a strong bearish surge. RSI (14) entered oversold territory below 30 in the final hour of the 24-hour window, hinting at a possible reversal. Bollinger Bands widened significantly after 03:00 ET, signaling increased volatility, with price settling near the lower band—common during corrections.

Volume spiked in the 04:00–07:00 ET timeframe, reaching a high of 400k per 15-minute candle, but price failed to form a bullish reversal, indicating weak follow-through. A small bearish engulfing pattern formed between 04:45–05:00 ET, confirming bearish control. Fibonacci retracement levels from the 0.2254 high show 0.2193 (38.2%) and 0.2134 (61.8%) as key resistance and potential bounce zones.

The price may continue to test 0.2075 in the next 24 hours, and while a rebound above 0.2164 could signal short-term bullish momentum, investors should remain cautious about a potential breakdown below 0.2064, which would confirm a larger bearish trend.

Backtest Hypothesis could be implemented using RSI(14) as a signal generator, focusing on oversold conditions. A possible strategy is to enter a long position when RSI falls below 30 and exit when it rises back above 30. Given the recent RSI readings, this strategy would have triggered a long entry near 0.2021. To refine the strategy, risk controls such as a 5% stop-loss and a 10% take-profit could be added to manage drawdowns and lock in gains. This approach could be tested using the ZRXUSDT pair or a broad-market proxy like SPY for comparative performance from 2022-01-01 to 2025-11-08. The performance would depend on market volatility and alignment of RSI with price behavior—particularly in sideways or trending environments.