Market Overview for Nervos Network/Tether (CKBUSDT): Bullish Breakout Amid Elevated Volatility

Summary
• Price rose from $0.00245 to $0.002536 amid strong volume and momentum.
• A bullish engulfing pattern appears at $0.00246–0.00248, suggesting a potential reversal.
• RSI suggests overbought conditions at 75+, while Bollinger Bands show rising volatility.
• Turnover surged to $55.6 million, confirming the recent bullish breakout.
• A key support at $0.002445–0.002448 appears intact and may hold in the near term.

Nervos Network/Tether (CKBUSDT) opened at $0.00245 on 2026-01-01 12:00 ET, reached a high of $0.002548, and closed at $0.002536 by 2026-01-02 12:00 ET, with a low of $0.002434. The pair recorded 169.8 million volume and $55.6 million turnover over 24 hours.

Structure & Formations

The price action formed a bullish engulfing pattern at $0.00246–0.00248, indicating a shift in momentum after a consolidation phase. A key support level at $0.002445–0.002448 held, preventing a deeper pullback. A bearish doji appeared at $0.002435, signaling potential near-term exhaustion on the downside. Resistance appears to form at $0.00246 and again at $0.002487, with the 61.8% Fibonacci retracement at $0.002506 acting as a near-term ceiling.

Moving Averages and Momentum

On the 5-minute chart, the 20-period and 50-period moving averages are both rising, with the price consistently trading above both, reinforcing the bullish bias. RSI hit 75+, suggesting overbought conditions, but with volume increasing, this could reflect strong buying interest. MACD remains in positive territory, with a widening histogram indicating growing upward momentum.

Volatility and Volume

Bollinger Bands expanded significantly during the rally, with the price frequently trading near the upper band, particularly in the 15:00–17:00 ET timeframe. Volume spiked to over 22 million during the breakout above $0.00250, confirming the move. Turnover increased in tandem with price, showing alignment between volume and price action, which reduces divergence risk.

The market appears to be entering a phase of higher volatility and institutional participation. If the 61.8% Fibonacci level at $0.002506 is breached, the next target could be $0.00252. However, a retest of the key support at $0.002445–0.002448 could trigger a pullback, especially if RSI fails to maintain above 60. Investors should remain cautious of rapid momentum shifts in the next 24 hours.