The reset time is the period of time remaining for you to use again your daily searches once the reset time sets in.

If you go to your Dashboard, this is how it looks:

As you can see on the picture, the box in red shows the time I need to wait until my daily limit resets; that is, it goes back to 10, 30 or 100 searches depending on the plan I have. You can also see the number of searches you have used for the current day and the remaining amount for today.
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