Market Overview for Nervos Network/Tether (CKBUSDT)

Summary
• Price action formed bearish engulfing and rejection patterns near 0.00242–0.00243.
• A sharp sell-off below 0.00238 triggered increased volatility and oversold RSI levels.
• Volume surged during the 20:00–23:00 ET leg lower, confirming bearish sentiment.
• Bollinger Bands show contraction during consolidation, followed by a violent break lower.
• Fibonacci retracement levels at 0.00238 and 0.00240 appear significant for near-term support.

Nervos Network/Tether (CKBUSDT) opened at 0.00244 on 2025-12-25 12:00 ET, hit a high of 0.00244, a low of 0.002341, and closed at 0.002344 as of 2025-12-26 12:00 ET. The pair saw a total 24-hour volume of 57,168,594.0 and turnover of 136,265.58.

Structure & Formations

A bearish engulfing pattern formed on the 5-minute chart at 20:30 ET as price closed below the prior bar’s body. A strong rejection from the 0.002434 level at 20:15 ET preceded a sharp drop. Later, a bearish dark cloud cover formed at 02:30 ET. Key support levels appear at 0.00234–0.00236, with a potential counter-trend bounce expected if volume rises.

Moving Averages

The 20 and 50-period 5-minute SMAs trended lower throughout the session, confirming the bearish bias. On the daily chart, the 50, 100, and 200 SMA lines are aligned lower, suggesting continued bearish momentum.

MACD & RSI

The MACD crossed below the signal line early in the sell-off, confirming a bearish turn. The RSI hit oversold territory near 30 by 04:00 ET, signaling potential for a short-term rebound. However, momentum remains bearish, with the MACD and histogram declining in strength.

Bollinger Bands

Volatility contracted during a consolidation phase at 00:30–02:00 ET before a sharp break lower. Price closed the 24-hour period near the lower Bollinger Band at 0.00234, indicating a high volatility environment and strong bearish pressure.

Volume & Turnover

Volume spiked during the 20:00–23:00 ET leg lower, reaching 6.4 million at 23:45 ET. Turnover mirrored this, confirming the move lower was backed by strong volume. Later in the session, volume declined into the 04:00–08:00 ET period, reflecting a lack of conviction.

Fibonacci Retracements

On the 5-minute chart, the 61.8% retracement level at 0.002378 was tested twice but failed to hold. Daily Fibonacci levels from the recent high near 0.00244 show the 61.8% level at 0.002347 as the critical support zone. A break below this could target 0.002320.

Price may test the 0.00234–0.00236 range in the next 24 hours, with a potential bounce if volume increases. However, bearish momentum remains intact, and a break below 0.002340 could trigger further selling pressure. Investors should remain cautious of volatility and divergence in volume patterns.