ZRXUSDT Bounces Near 0.1020 — But Resistance Remains Intact

Summary
• Price tested key resistance near 0.1034–0.1054 before retreating.
• Momentum slowed in the final hours, with RSI approaching 50.
• Volume surged during the mid-session rally, confirming initial strength.
• Bollinger Bands widened, reflecting increased volatility in the 5-min timeframe.
• A bullish engulfing pattern formed at 0.1020–0.1030, signaling potential for a rebound.

24-Hour Price and Volume Summary

0x Protocol/Tether (ZRXUSDT) opened at 0.1019 on 2026-02-23 12:00 ET, reached a high of 0.1068, touched a low of 0.1, and closed at 0.1020 on 2026-02-24 12:00 ET. Total volume for the 24-hour window was 2,471,242.0, and notional turnover was 256,051.11.

Structure and Candlestick Patterns

Price action showed a clear bullish engulfing pattern near 0.1020–0.1030, suggesting a potential reversal. A key support zone emerged between 0.1016 and 0.1020, where buying interest picked up toward the close. Resistance levels at 0.1034 and 0.1054 were tested but not decisively broken. A small doji appeared at 0.1020–0.1022, hinting at indecision after a strong mid-session rally.

Moving Averages and Momentum

On the 5-minute chart, the 20-period and 50-period moving averages showed a slight upward trend, with price bouncing off the 50SMA twice. On the daily chart, the 50-day, 100-day, and 200-day moving averages all remained above 0.1015, supporting the idea of a longer-term base. MACD remained in positive territory during the morning and turned neutral in the final hours, while RSI hovered near 50.

Volatility and Bollinger Bands

Bollinger Bands on the 5-minute chart widened significantly between 02:00 and 05:30 ET, reflecting heightened volatility during the upward push to 0.1068. Price closed near the midpoint of the bands, indicating reduced tension. The expansion suggests traders may look for consolidation in the coming hours.

Volume and Turnover Divergence

Volume spiked during the mid-session rally, particularly between 02:30 and 05:30 ET, with a peak of 455,635 at 0.1029–0.1052. Notional turnover also surged during this period. However, as price approached 0.1068, volume began to wane slightly, suggesting weakening momentum.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent swing from 0.1 to 0.1068, key retracement levels of 38.2% (0.1025) and 61.8% (0.1043) appear to have provided temporary support and resistance. The closing price at 0.1020 aligns closely with the 38.2% level, suggesting a possible rebound scenario.

The market appears to be stabilizing around 0.1020, with technical indicators showing mixed signals. Traders may watch for a follow-through break above 0.1034 to confirm renewed bullish momentum. However, caution is advised as a reversal could still occur if volume fails to support further gains.