Market Overview for Zcash/Tether (ZECUSDT): Bullish Turnaround Amid High Volatility

• Zcash/Tether (ZECUSDT) surged to a 24-hour high of $267.69 amid rising volume, reversing earlier bearish momentum.
• Price formed a bullish reversal pattern near $250, with RSI signaling oversold conditions in early ET hours.
• Volatility expanded significantly during the final 6 hours, with Bollinger Bands widening as price approached upper thresholds.
• Turnover spiked during a key breakout above $260, aligning with high-volume buying pressure post-09:00 ET.
• MACD turned positive late in the session, reinforcing a potential short-term bullish trend.

Zcash/Tether (ZECUSDT) opened at $218.69 on 2025-10-10 at 12:00 ET, surged to a 24-hour high of $267.69, and closed at $262.59 by 12:00 ET the next day. Price traded between $147.55 and $267.69, with total volume of 710,256.06 ZEC and total turnover of $198,640,707.28. A sharp reversal emerged in the final 6 hours, driven by strong volume and upward momentum.

Structure & Formations

Price action showed a key bearish breakdown below $220 during the early hours of the session, with a low of $147.55. However, a bullish reversal developed after 09:00 ET as buyers pushed price back above $250 and eventually toward $267.69. A large bullish engulfing pattern emerged between $258.3 and $267.69, signaling a potential short-term trend reversal. A doji formed near $262.0, suggesting indecision ahead of potential new resistance.

Moving Averages

On the 15-minute chart, the 20-period MA closely followed the 50-period MA, with the price closing above both during the final hours of the session. On the daily chart, the 50-period MA crossed below the 200-period MA, indicating a bearish bias at the macro level. However, the 100-period MA provided a dynamic support at $230–$235, and the price crossed above it late in the session, offering a mixed but increasingly bullish signal in the short term.

MACD & RSI

MACD turned positive after 09:00 ET, with the histogram showing increasing bullish momentum through the remainder of the session. RSI moved from oversold territory (~30) at 03:00 ET to overbought levels (~70) by 11:45 ET, suggesting a strong but potentially extended upward move. The divergence between RSI and price was minimal, indicating solid conviction in the move higher.

Bollinger Bands

Bollinger Bands expanded significantly after 09:00 ET as volatility increased. Price traded within the upper band for much of the final 6 hours, confirming a strong breakout. A contraction was observed earlier in the session between $210 and $225, which acted as a precursor to the breakout. The price's position near the upper band suggests continued bullish momentum but may trigger a pullback if the band contracts again.

Volume & Turnover

Volume surged above 60,000 ZEC after 09:00 ET, coinciding with the price breaking above $260. The highest 15-minute volume was 63,965.33 ZEC at 09:00 ET, while the highest turnover was $17,989,546.81. Notional turnover also spiked during this breakout, confirming the strength of the move. Price and turnover aligned in the final hours, offering strong confirmation of bullish sentiment.

Fibonacci Retracements

A key Fibonacci retracement level at 61.8% of the $147.55–$267.69 swing was identified at $237.00. Price broke above this level decisively after 10:00 ET, with 78.6% at $255.00 and 100% at $267.69 acting as a temporary resistance. On the daily chart, the 61.8% retracement of the prior major decline was at $210.00, which was pierced in the early hours but held as a critical support afterward.

Backtest Hypothesis

Given the emergence of the bullish engulfing pattern and the alignment of RSI with the price move, a potential backtest strategy could focus on entering long positions after a close above the 61.8% Fibonacci retracement level, confirmed by a bullish divergence in the MACD histogram and a 15-minute close above the 50-period MA. A stop-loss could be placed just below the recent intraday low at $252.00 to manage downside risk. This approach would test whether a short-term reversal setup can consistently capture bullish momentum in a high-volatility environment.