Market Overview for 0x (ZRXUSDT) – 24-Hour Technical Summary

• 0x/USDT traded lower over 24 hours, closing near a key support level with bearish momentum.
• Volume spiked during the midday sell-off, confirming bearish sentiment but showing no reversal signs.
• RSI entered oversold territory, suggesting potential short-term bounce, though trend remains downward.
• Candlestick patterns indicate exhaustion in the short term, with multiple bearish engulfing patterns observed.
• Bollinger Bands constricted earlier in the day, now expanding with increasing volatility.

At 12:00 ET–1, ZRXUSDT opened at $0.2512, peaked at $0.252, and troughed at $0.234 before closing at $0.2356. Total volume for the 24-hour period was 13,126,275 ZRX, with a notional turnover of approximately $3.16 million.

Structure & Formations

Over the past 24 hours, ZRXUSDT has formed a bearish descending channel on the 15-minute chart, with price testing key support levels at $0.243 and $0.235. A bearish engulfing pattern was visible around 08:00–09:00 ET, signaling continuation of the downtrend. A doji appeared near $0.2356, indicating possible short-term indecision or exhaustion in sellers.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages have both moved below price action, reinforcing bearish bias. On the daily chart, price is trading below the 50, 100, and 200-day moving averages, aligning with a broader bear trend.

MACD & RSI

MACD showed negative divergence with price in the final hours of the day, as price made a new low but MACD did not, suggesting potential for a short-term bounce. RSI has dropped into oversold territory, hovering around 27–30, indicating some exhaustion in the sell-off and possible near-term pullback.

Bollinger Bands

Bollinger Bands were in a narrowing phase during the early hours of the morning and began to expand as volatility increased. Price has closed near the lower band, reinforcing bearish sentiment. The band width is now above 4.5%, indicating increased volatility.

Volume & Turnover

Volume surged during the early afternoon (ET) sell-off, with a single candle at 15:30 ET printing over 555,000 ZRX in volume and a large negative move of $0.023. Turnover increased significantly during this time, with price action and volume aligning in confirmation of bearish momentum.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent 15-minute high at $0.252 and low at $0.234, the price is currently sitting near the 78.6% retracement level, suggesting potential for a pullback toward $0.242–$0.245. On the daily chart, the 61.8% level is near $0.248, which could become a near-term resistance.

Price may find a short-term floor near $0.235–$0.238 in the next 24 hours, with a potential pullback to test that level before resuming the downward trend. Traders should monitor the 20-period moving average for signs of a potential reversal, but bearish momentum remains in control for now.