Market Overview for Zcash/Tether (ZECUSDT): Strong Rally and Confirmation of Bullish Momentum

Summary
• Price tested key support at $363.29 before rebounding to close near $387.81 after a sharp 24-hour rally.
• RSI shows strong upward momentum with a reading above 65, suggesting potential overbought conditions.
• Bollinger Bands indicate expanding volatility, with price near the upper band at session peak.
• Notional turnover surged to $13.5M+ during the late-ET breakout above $385, confirming bullish conviction.
• A bullish engulfing pattern formed at 12:00 ET, signaling short-term buying pressure.

Zcash/Tether (ZECUSDT) opened at $363.29 on 2026-01-10 12:00 ET, surged to $397.38, and closed the 24-hour window at $387.81. Total traded volume reached 109,073.36 ZEC, with notional turnover of $42.95M.

Structure & Moving Averages

Price broke above key resistance at $385, forming a bullish engulfing pattern on the 5-minute chart. The 50-period moving average on the 5-minute timeframe is sloping upward, aligning with the breakout. Daily 50/200 MA show a moderate bullish bias.

MACD & RSI

The MACD line crossed above the signal line, confirming bullish momentum. RSI approached 65, indicating a potential overbought level. However, the price breakout appears to justify the strong reading, suggesting sustained upward energy.

Bollinger Bands & Volatility

Volatility expanded significantly during the late-ET rally, with price reaching the upper Bollinger Band at the session high. The widening bands reflect increased buying activity and market uncertainty.

Volume & Turnover

The largest spike in volume occurred at 12:15 ET, coinciding with the breakout above $385. Notional turnover surged to $7.25M during this period, confirming the move. A divergence between price and volume is not observed, supporting the validity of the rally.

Fibonacci Retracements

The 61.8% retracement level of the recent 5-minute swing (from $363.29 to $397.38) is at $380.62, which was briefly tested and rejected. On the daily chart, the 50% retracement level aligns with current price levels, indicating a possible consolidation area.

The rally appears to have strong near-term support above $380, with the next key resistance near $393. Investors should monitor for a potential pullback to the 20-period 5-minute MA or a test of the 38.2% retracement level at $384.2. However, a sustained move above $393 could trigger broader bullish sentiment, while a retest of the 61.8% level at $380.62 may offer a tactical entry point with tight stops.