Market Overview for Zcash/Tether (ZECUSDT): 24-Hour Technical Summary

Summary
• Price action shows consolidation between $403.9–$416.34 with a bearish bias in the last 24 hours.
• Momentum waned on RSI, showing overbought conditions earlier, now trending lower.
• Volatility expanded mid-session as price peaked near $416.34, but volume failed to confirm.
• A bearish engulfing pattern emerged near $416.34, suggesting short-term downward pressure.
• Bollinger Bands widened during the peak, later contracting as price approached key support at $403.9.

Zcash/Tether (ZECUSDT) opened at $409.38, hit a high of $416.34, and a low of $396.39 before closing at $402.18 at 12:00 ET. Total volume reached 40,663.5 ZEC, with notional turnover of approximately $16.46 million over 24 hours.

Structure and Patterns

Price action over the last 24 hours revealed a bearish bias, with key resistance at $416.34 and strong support at $403.9. A bearish engulfing pattern emerged as the asset pushed above $416.34 before retreating, signaling short-term bearish pressure. A potential Fibonacci 61.8% retracement level sits near $403.9, coinciding with a consolidation area.

Momentum and Volatility

Momentum, as measured by RSI, peaked above 70 early in the session, indicating overbought conditions before retracing below 50. MACD lines flattened mid-session, suggesting weakening bullish momentum. Volatility, as shown by expanding Bollinger Bands, reached a peak during the early hours of January 17 before narrowing, indicating a period of consolidation.

Volume and Turnover

Volume spiked during the high-volume 5-minute candles at 19:45 ET and 03:15 ET, but price failed to hold the key resistance levels during these periods. The largest turnover occurred at 03:15 ET with a massive 5,091.813 ZEC traded as price declined sharply from $411.21 to $408.76, signaling potential profit-taking or liquidation.

Looking ahead, ZECUSDT may test the $403.9 support zone over the next 24 hours. A break below that level could extend the downward move. However, a strong reversal candle above $405.76 may indicate short-covering or a potential rally. Investors should remain cautious of increased volatility and potential short-term corrections.