ZECUSDT Breaks Down After Sharp Volume Spikes Confirm Bearish Move

Summary
• ZECUSDT traded in a volatile range of 225.73–253.5, forming a bearish engulfing pattern at 253.5.
• RSI dropped from 66 to 43, indicating weakening momentum, with price below 20-period MA on 5-min.
• Bollinger Bands expanded sharply during the afternoon as volume surged to 63,685.266, confirming bearish breakdown.
• Price appears to be testing the 231.3–233.5 consolidation range, with Fibonacci 61.8% at ~237.4.

Zcash/Tether (ZECUSDT) opened at $253.5 at 12:00 ET–1 and closed at $244.47 by 12:00 ET today, after hitting a high of $253.5 and a low of $225.73. Total 24-hour volume was 191,290.844 ZEC, with a notional turnover of approximately $47,320,424.

Structure & Formations

Price formed a bearish engulfing candle at the early morning high of 253.5, followed by a sharp decline into the 225.73–231.3 range. A bullish reversal failed to materialize at 231.3, and price remains below the 50-period 5-min MA. Notable resistance appears at 240.2–242.35, while 230.89 and 229.54 are key support levels.

Momentum & Volatility

RSI dropped from 66 to 43 over the day, signaling weakening bullish momentum and bearish control. The 5-min MACD crossed into negative territory, with a bearish divergence observed in price and histogram. Bollinger Bands expanded significantly during the afternoon, reflecting increased volatility. Price spent the last 6 hours consolidating within the 229.54–236.06 range.

Volume & Turnover

Volume spiked sharply at 16:15 ET, with a massive 63,685.266 ZEC traded, pushing price from 239.26 to 244.68. Notional turnover also surged in this period, confirming the bearish breakdown. Volume during the 18:00–20:00 ET session was relatively lower, but price continued to trend lower. No clear volume divergence was observed, but the large volume on the bearish move confirms bearish sentiment.

Key Fibonacci Levels

Applying Fibonacci retracement to the 225.73–253.5 move, the 23.6% (246.25), 38.2% (241.83), and 61.8% (232.47) levels have been tested throughout the session. Price is now testing the 231.3–233.5 area, with the 50% retracement at ~239.63 acting as a key psychological level for potential reversals.

Price appears to be consolidating ahead of potential breakout or breakdown from the 231.3–240.2 range. A move above 240.2 could trigger a retest of 244.68 and beyond, but a break below 229.14 may see further correction toward 225.73. Investors should remain cautious as volatility remains elevated and key levels are in play.