Market Overview for 0x Protocol/Tether (ZRXUSDT) – September 21, 2025

• Price action shows a bearish trend with a low of $0.2565 and close near $0.2573.
• Volume spikes occurred near key support levels, signaling potential capitulation or reversal.
• RSI indicates oversold conditions, but price remains below key moving averages.
• Bollinger Bands show a moderate expansion, suggesting increased volatility in the 24-hour period.
• The 15-minute chart displayed multiple bearish engulfing and dark cloud cover patterns.

ZRXUSDT opened at $0.2618 on September 20 at 12:00 ET and closed near $0.2573 the next day. The 24-hour range was between $0.2623 and $0.2565. Total volume amounted to 1,546,078.0 and notional turnover reached $398,211.35. The price action reflected a bearish bias with multiple bearish candlestick patterns reinforcing the downward drift.

Structure & Formations

The 15-minute OHLCV data revealed several bearish signals, including bearish engulfing patterns and dark cloud covers, especially in the early morning hours on September 21. Key support levels appear at $0.2590 and $0.2565, both of which were tested and broken. A temporary resistance zone developed around $0.2607, where price stalled multiple times before resuming its downward trajectory. A doji formed at $0.2601 at 01:45 ET, indicating indecision in the market.

Moving Averages

On the 15-minute chart, the 20SMA and 50SMA remained above the price action throughout the 24-hour period, reinforcing the bearish sentiment. On the daily chart, the 50DMA and 200DMA would likely also be above the current price, suggesting that ZRXUSDT remains in a larger downtrend. The 100DMA, if positioned between the 50DMA and 200DMA, would confirm a consolidating bearish structure, with the price below all major moving averages.

MACD & RSI

The MACD remained in negative territory for most of the 24 hours, with the signal line lagging behind and the histogram shrinking, suggesting a potential slowdown in the bearish momentum. The RSI dipped below 30 into oversold territory around $0.2565, particularly during the late-night hours. However, the price has yet to show a convincing bounce from this level, indicating the need for further confirmation before considering a reversal.

Backtest Hypothesis

A potential backtesting strategy could involve entering a short position when ZRXUSDT closes below a key support level ($0.2590 or $0.2565) and the RSI remains below 30. A stop-loss could be placed above the next near-term resistance ($0.2603), while the take-profit would target the 61.8% Fibonacci level of the recent downward leg at around $0.2550–$0.2545. The strategy would also include a trailing stop once the price breaks above the 20SMA, signaling a possible short-term reversal. This approach is consistent with the current bearish momentum and would aim to capitalize on the continuation of the trend while minimizing exposure to unexpected reversals.

Bollinger Bands

Bollinger Bands showed moderate expansion during the 24-hour window, with the price hovering near the lower band, indicating a consolidation phase and heightened volatility. The most significant contraction occurred during the early morning hours on September 21, followed by a break below the lower band as the price tested the $0.2565 support. The price has yet to close above the upper band, reinforcing the bearish tone. A sustained move above the 20-period middle band could signal a potential short-term reversal, but this remains unlikely without a convincing bullish catalyst.

Volume & Turnover

Notional turnover spiked near $0.2565 as the price tested the key support level, with volume increasing from ~$30,000 to over $45,000 in the last two 15-minute candles. This indicates accumulation or capitulation activity. However, no subsequent price rebound occurred, suggesting the move was bearish in nature. Volume remained below the 15-minute average for most of the session, indicating a lack of conviction in either direction. A divergence between rising price and falling volume could signal a weakening trend, though this was not observed in the 24-hour period.

Fibonacci Retracements

Applying Fibonacci retracements to the 15-minute move from $0.2623 to $0.2565, the 38.2% level sits at $0.2597 and the 61.8% level at $0.2580. Both were tested during the morning of September 21. The price briefly bounced at $0.2590 before resuming the downtrend, which suggests that the 38.2% level may act as a temporary resistance. On the daily chart, the 61.8% retracement of a larger bearish leg would need to be recalculated, but the 15-minute-level retracements continue to hold as potential pivot points.

Looking ahead, ZRXUSDT remains in a bearish phase with key support levels under pressure. A decisive break below $0.2565 could trigger further downside to the next Fibonacci level at $0.2550–$0.2545. However, a short-covering rally above $0.2607 should be watched for as it could signal a temporary pause in the downtrend. Investors should remain cautious as volatility remains elevated, and sudden reversals or news-driven spikes could disrupt the current technical structure.