Market Overview for Zilliqa/Tether (ZILUSDT)

Summary
• Price action shows a bearish bias, breaking below key support at 0.00525.
• Momentum indicators suggest weakening buying pressure with RSI trending lower.
• Volatility expanded during the late ET session, with a large 5-minute candle suggesting a possible shift.
• Notional turnover increased significantly in the afternoon, confirming the breakdown move.
• A bearish engulfing pattern formed near 0.00532, signaling a potential continuation lower.

The Zilliqa/Tether (ZILUSDT) pair opened at 0.00527 on 2026-01-08 at 12:00 ET, reached a high of 0.00534, hit a low of 0.00517, and closed at 0.00521 on 2026-01-09 at 12:00 ET. Total 24-hour volume was approximately 49,347,349.0 and turnover was about 264,705.31.

Structure & Formations

Price action revealed a bearish breakdown below key support at 0.00525, with a bearish engulfing candle forming near 0.00532 on the 5-minute chart. This pattern, combined with a retest of the breakdown level, suggests a short-term bearish bias may persist. The next potential support lies near 0.00517, which was briefly tested in the early hours of the session.

Moving Averages

On the 5-minute chart, the 20-period and 50-period moving averages crossed bearishly, reinforcing the downward trend. The 50-period MA is now sitting above the price, indicating short-term bearish momentum. On the daily chart, the 200-period MA remains above the 50-period MA, signaling a longer-term bearish tilt.

MACD & RSI

The MACD crossed below the signal line during the session, confirming bearish momentum, while the RSI trended lower and approached oversold territory near 30. This suggests a possible rebound could be on the cards, but only if price stabilizes above 0.00525. A close above the 50-period MA may be needed to reverse the bearish sentiment.

Bollinger Bands

Price action expanded volatility during a key 5-minute candle around 20:45 ET, with the pair trading near the lower Bollinger Band during the breakdown. This expansion indicates increased uncertainty in the market. If price continues to trade near the lower band, it may signal a potential oversold rebound scenario.

Volume & Turnover

Volume and turnover spiked sharply during the afternoon and early evening ET hours, coinciding with the breakdown below key support. This confirms the bearish move rather than contradicting it. Divergence in volume and price was not observed, suggesting strong follow-through from sellers.

Fibonacci Retracements

Applying Fibonacci levels to the recent 5-minute swing from 0.00534 to 0.00517, price appears to have found initial support near 0.00523 (38.2% level). A breakdown below 0.00523 would target the 61.8% level at 0.00517, where further consolidation or rejection could occur.

Price may find near-term clarity if it holds above 0.00525. Traders should monitor for a potential rebound or a continuation lower. A sharp reversal without a volume confirmation could signal a false break.