Zilliqa/Tether (ZILUSDT) Market Overview: A Volatile 24-Hour Drop Below 0.01220

• ZIL/USDT fell below 0.01220 to 0.01175 amid sustained bearish momentum and high volume.
• A 61.8% Fibonacci level at 0.01187 acted as key resistance, now turning into support.
• RSI signaled overbought conditions early, followed by bearish divergence as price dropped.
• Volatility expanded during the overnight session, with Bollinger Bands widening.
• Turnover surged during the 09:30–10:00 ET window, indicating increased speculative activity.

Zilliqa/Tether (ZILUSDT) opened at 0.01217 on 2025-09-20 12:00 ET and traded as high as 0.01221 before falling to a 24-hour low of 0.01175. At 12:00 ET on 2025-09-21, the pair closed at 0.01180. Total volume reached 45.6 million ZIL, with notional turnover hitting $556,607. The price action suggests a breakdown from a 15-minute ascending triangle and an early-morning engulfing bearish pattern.

Structure and key levels show a bearish bias, with a strong support zone forming around 0.01175–0.01180. A 15-minute chart reveals a bullish engulfing pattern at 0.01187 failed to hold, confirming bearish sentiment. A doji at 0.01197 suggests indecision. Resistance remains at 0.01201–0.01205, where a bear trap may have been set after a short-lived rebound. The 0.01211–0.01221 level may still attract selling pressure if buyers test the area.

The 20- and 50-period moving averages on the 15-minute chart show a steep bearish crossover, reinforcing the downtrend. On the daily chart, the 50-period MA is near 0.01218, acting as a key resistance level. The 200-period MA at 0.01225 further supports a bearish outlook. Price has yet to find a clear floor, suggesting that further tests of the 0.01175 level are likely.

MACD shows a bearish crossover with a negative histogram, signaling weak bullish momentum. RSI hit overbought territory briefly but then diverged sharply lower, confirming the bearish bias. Bollinger Bands are widening, indicating heightened volatility, particularly after the 09:30 ET swing. Price has been trending near the lower band, suggesting potential for further downside. A retest of the 0.01180–0.01185 range could offer short-term support but may be challenged unless buying interest intensifies.

Fibonacci retracement levels from the swing high of 0.01221 and low of 0.01175 show the 61.8% level at 0.01187 acting as a key pivot. A bounce from this level could trigger a short-term rebound, but a close below 0.01180 would confirm a breakdown into the next major support zone. On the daily chart, the 38.2% retracement at 0.01201 could attract short-term sellers.

Backtest Hypothesis

Given the bearish engulfing pattern and RSI divergence observed on the 15-minute chart, a potential backtesting strategy could involve shorting ZILUSDT after a close below the 0.01201 resistance level, which coincided with the 38.2% Fibonacci retracement. A stop-loss could be placed just above 0.01206, and a take-profit target aligned with the 0.01180–0.01185 support zone. The increasing volume and turnover during the 09:30–10:00 ET window suggest heightened participation, which could enhance the trade's probability of success in a strong bearish phase.