Zcash/Tether (ZECUSDT) Market Overview: Volatility and Key Resistance in Focus

• ZECUSDT opened at $51.55, surged to a high of $52.46 before retreating to a 24-hour low of $50.72 and closed near $51.41 at 12:00 ET.
• Price formed a bullish engulfing pattern at 09:30 ET with high volume, suggesting potential short-term strength after a sharp correction.
• Volatility spiked in the early hours, with a sharp drop below $51.00 before a rebound, highlighting ongoing tug-of-war between buyers and sellers.
• Turnover surged during the 09:30 ET candle as price broke higher, aligning with strong volume and a break above recent resistance.
• RSI moved into overbought territory during the late-night rebound but has since corrected toward neutral levels, indicating exhaustion in both sides.

Zcash/Tether (ZECUSDT) opened at $51.55 on 2025-09-16 at 12:00 ET, reached a high of $52.46, and recorded a low of $50.72 before closing at $51.41 at 12:00 ET the following day. The pair traded a total volume of approximately 16,493.33 ZEC with a notional turnover of $847,852.81 during the 24-hour period.

The 15-minute chart displayed a mix of bullish and bearish signals. A strong rebound from the 50.72 support level, where a large-volume bearish rejection candle was observed, led to a bullish engulfing pattern at 09:30 ET. This pattern is often interpreted as a reversal sign, particularly when aligned with rising volume. Resistance levels at $51.80 and $52.20 were tested multiple times but held until late in the day. A breakout above $52.40 at 09:30 ET, though not sustained, indicated growing buying pressure.

Structure & Formations

The price structure on the 15-minute chart shows a key support at $50.72–$50.75 and a resistance cluster from $51.75 to $52.20. A bearish doji at $51.90 in the early morning and a long upper shadow at $51.96 suggested hesitancy among buyers. The large-volume rejection candle at $50.72 acted as a psychological floor, reinforcing its importance.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart crossed over in the morning, signaling a bullish crossover. However, by late afternoon, the 50-period MA had moved above the 20-period MA, indicating a shift in momentum. On the daily chart, the 50-period MA is currently above the 100-period and 200-period MAs, suggesting an intermediate-term bullish bias, though a bearish divergence could form if the 200-day MA is not broken.

MACD & RSI

The MACD line showed a bullish crossover in the morning and remained positive through the afternoon, confirming the strength of the rebound. RSI reached 70 during the morning rally, indicating overbought conditions, and has since pulled back toward the neutral zone. While this suggests some exhaustion, it does not confirm a bearish reversal.

Bollinger Bands

Volatility expanded significantly during the 09:30–10:30 ET window, with the Bollinger Bands widening. Price peaked near the upper band at $52.46 but failed to close above it. The lower band acted as a support level around $50.70, with the price finding a floor near the 1σ level multiple times. A sustained close above the upper band could signal a breakout.

Volume & Turnover

Volume surged during the 09:30 ET candle, coinciding with the bullish engulfing pattern and breakout attempt. This aligns with the price action and reinforces the likelihood of a meaningful move. Turnover also spiked during this period, indicating strong participation. However, divergences between price and volume were observed in the late hours, with volume decreasing as price fell into the 51.00–51.20 range, suggesting fading momentum.

Fibonacci Retracements

The 61.8% Fibonacci retracement level at $51.65 acted as a key support in the late hours of the trading session, while the 38.2% level at $51.94 provided resistance earlier in the day. On a larger time frame, the 0.618 retracement level from the recent high of $52.46 is at $51.20, which could serve as a new support or pivot.

Backtest Hypothesis

A potential backtest could be constructed using a strategy that enters long on a bullish engulfing pattern confirmation, provided the 20-period MA is above the 50-period MA and volume exceeds the 3-day average. A stop-loss could be placed at the recent swing low, and a take-profit level could be set at the 61.8% Fibonacci extension. This setup could be tested over the last 12 months to determine profitability, risk/reward ratio, and drawdown.