Market Overview for Nervos Network/Tether (CKBUSDT) as of 2025-10-12 12:00 ET

• Price swung between 0.00324 and 0.003435 as 15-min candles showed mixed momentum.
• Volume spiked during the 15:00–17:00 ET window, with a total 24-hour volume of 200 million.
• RSI signaled overbought conditions in the late ET hours, suggesting potential pullback.
• Bollinger Bands showed a late expansion after a period of consolidation.
• A bullish engulfing pattern formed near support at 0.00324, with potential for a rebound.

24-Hour Market Summary

Nervos Network/Tether (CKBUSDT) opened at 0.003279 at 12:00 ET-1 and closed at 0.003248 at 12:00 ET, with a high of 0.003435 and a low of 0.00314. The 24-hour trading session saw a total volume of 200,755,262.0 and a notional turnover of $641.3 million, indicating strong participation. The price action featured a notable swing from a 15:00 ET low of 0.003192 to a 16:00 ET high of 0.003435, highlighting volatile short-term momentum.

Structure & Formations

Price action over the last 24 hours revealed a key support level forming around 0.00324–0.00325, where price tested the level multiple times and bounced off it with a bullish engulfing pattern. Resistance was observed in the 0.00338–0.00340 range, with a high at 0.003435 failing to hold and leading to a sharp reversal. A long lower shadow at 0.003203 and a doji at 0.003255 suggest indecision and potential turning points in the near future. The 15-min chart showed a strong bearish divergence in price and RSI in the 19:15–20:30 ET window, suggesting a reversal that largely materialized.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed in the 05:00–07:00 ET window, indicating a short-term bullish bias that held until 10:00 ET. By 15:00 ET, the 20-period MA dipped below the 50-period MA, signaling a bearish crossover. On the daily chart, the 50-period MA sat above the 100- and 200-period lines, suggesting medium-term bullish momentum. Price briefly crossed above the 50-period MA before pulling back, which may indicate a potential retest of key support levels.

MACD & RSI

The MACD crossed into negative territory in the 19:00–20:00 ET window and remained bearish until the close, with a divergence in the 16:00–18:00 ET window suggesting a potential rebound. RSI peaked at 70 in the 16:00 ET window, signaling overbought conditions followed by a sharp drop below 30 in the 19:00–20:00 ET period, indicating oversold conditions. The RSI’s overbought-oversold swing suggests the pair could stabilize and consolidate in the near term, with a potential for a mean reversion to the 0.00326–0.00328 range.

Bollinger Bands

Bollinger Bands showed a contraction between 05:00 and 09:00 ET, followed by a sharp expansion after 14:00 ET. Price spent most of the session near the upper band, especially from 15:00 to 17:00 ET, before retreating to the middle band. The volatility expansion aligns with the sharp move to 0.003435 and the subsequent sell-off, indicating a period of high uncertainty and aggressive price swings.

Volume & Turnover

Volume spiked to over 24 million at 19:30 ET and again at 15:30 ET, coinciding with sharp price moves. Notional turnover mirrored these spikes, confirming the strength of the price swings. However, volume decreased after 02:00 ET as the price consolidated around 0.00315–0.00320, suggesting a waning of aggressive momentum. A divergence was noted between price and volume during the 21:00–22:00 ET window, where price dipped but volume did not follow, indicating a potential false break.

Fibonacci Retracements

The 61.8% Fibonacci level at 0.00327–0.00328 acted as a minor support on the 15-minute chart during the 23:00–01:00 ET consolidation phase. The larger daily move from 0.00314 to 0.003435 showed the 50% and 38.2% retrace levels at 0.003285 and 0.003325 respectively. The price failed to hold above the 50% level, suggesting that further retracement could target 0.00319–0.00321.

Backtest Hypothesis

A potential backtesting strategy involves entering long positions on a bullish engulfing pattern at key support levels (e.g., 0.00324–0.00325) and short positions when the RSI crosses above 70 and volume diverges from price. Stops could be placed 1.5% below the pattern’s low for longs and 1.5% above the pattern’s high for shorts, with exits at the nearest Fibonacci level or at a 2:1 risk-reward ratio. This approach would aim to capture mean reversion and momentum exhaustion, particularly during periods of high volatility like those seen in the 15:00–17:00 ET window.