Market Overview for 0x Protocol/Tether (ZRXUSDT)

Summary
• Price tested key resistance at 0.1445 before consolidating near-term support at 0.1401–0.1410.
• Volume spiked during bearish breakdowns, aligning with falling price and confirming bearish sentiment.
• RSI shows oversold conditions near 30, suggesting limited downside momentum unless volume spikes.
• 20-period MA failed to hold short-term lows, indicating bearish bias in near-term structure.
• Bollinger Bands expanded mid-day, reflecting increased volatility around key psychological levels.

0x Protocol/Tether (ZRXUSDT) opened at 0.1433 on 2026-01-07 12:00 ET, reached a high of 0.1464, a low of 0.1380, and closed at 0.1410 on 2026-01-08 12:00 ET. The 24-hour volume was 1,601,986.0 and notional turnover amounted to 229,696.03 USDT.

Structure & Formations

The price formed a bearish breakdown pattern around 0.1420 and 0.1410, with a large bearish candle on 06:30–07:00 ET. A series of lower lows and bearish engulfing patterns emerged during the early hours of the morning, confirming a shift in sentiment. A potential support zone appears to be forming between 0.1401 and 0.1410, with a 61.8% Fibonacci retracement level at 0.1403 offering near-term relevance.

Moving Averages and MACD

The 20-period MA on the 5-minute chart failed to hold key support levels, reinforcing bearish momentum. The MACD line turned negative and crossed below the signal line in early morning trading, indicating a potential continuation of the downward move. RSI readings frequently dipped below 30 during the session, suggesting a possible rebound in near-term price from oversold territory.

Bollinger Bands and Volatility

Bollinger Bands expanded significantly during the afternoon and early evening, reflecting increased volatility. Price remained in the lower band for most of the session, suggesting a continuation of the bearish trend. The 5-minute chart showed a narrowing of bands in late morning, signaling a potential breakout or breakdown.

Volume and Turnover

Volume spiked during key breakdowns, especially in the 02:00–06:00 ET window, aligning with falling prices and confirming bearish conviction. Turnover remained consistent with volume increases, indicating real liquidity and not just wash trading. Divergences between price and turnover were minimal, supporting the likelihood of trend continuation.

Looking ahead, a break below 0.1401 could trigger a test of the next Fibonacci level at 0.1390. Investors should watch for a reversal candlestick pattern at key support and be cautious of a potential short-term rebound into 0.1420–0.1430. Volatility remains elevated, and sharp corrections are possible in the next 24 hours.