Market Overview for Nexo/Tether (NEXOUSDT) – 2025-09-17

• NEXOUSDT traded in a tight range before a late surge pushed price toward a 24-hour high of $1.301.
• Volatility expanded after 19:00 ET with increased volume, confirming a bullish breakout attempt.
• RSI edged into overbought territory near 70, suggesting potential consolidation.
• Volume increased significantly in the final 6 hours, with total turnover exceeding $322,500.
• A 1.280 support level was tested twice but held, forming a key short-term floor.

Nexo/Tether (NEXOUSDT) opened at $1.284 on September 16, 12:00 ET, and traded as low as $1.276 before rallying sharply over the final 6 hours of the 24-hour window. The price reached a high of $1.301 and closed at $1.29 on 12:00 ET, September 17. Total volume for the period was 350,244.88 USD, with notional turnover of approximately $322,527.

Structure & Formations

Price action formed a bullish pennant pattern between 19:00 and 20:30 ET, with a breakout confirmed on rising volume and a close above the upper trendline. A long lower shadow appeared at 1.286, indicating rejection of bearish pressure. A doji formed near 1.290, suggesting indecision after the breakout. The 1.280 level acted as strong support, tested twice during the session and holding well.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart remained bullish, with price staying above the 50-EMA for most of the session. The 50-EMA crossed above the 200-EMA on the daily chart, reinforcing a medium-term bullish bias. Price closed above the 20-EMA, suggesting a potential continuation of the upward trend in the short term.

MACD & RSI

The MACD line turned positive in the final 2 hours, with a bullish crossover from signal line. RSI reached 69–71 during the breakout, indicating overbought conditions. Although a reversal is not imminent, the RSI may prompt short-term profit-taking, with a retest of the 1.290 level expected.

Bollinger Bands

Volatility expanded significantly after 19:00 ET, with price moving toward the upper band as volume spiked. This suggests a breakout attempt rather than a consolidation phase. Price remained within the bands for most of the session, but the recent expansion signals increased directional momentum and potential for further gains.

Volume & Turnover

Volume spiked between 19:00 and 22:30 ET, particularly around the 1.290–1.301 price range, confirming bullish strength. The final 4 hours accounted for ~60% of total turnover, with a clear price-volume alignment. No divergence was observed between price and turnover, indicating strong conviction from buyers.

Fibonacci Retracements

On the 15-minute chart, the recent bullish move from 1.280 to 1.301 aligns with the 61.8% Fibonacci retraction level, suggesting a potential target at 1.304. On the daily chart, the 38.2% and 50% retracements at 1.298 and 1.295 appear to be key resistance levels to watch for the next 24 hours.

Backtest Hypothesis

A potential backtesting strategy could focus on the 1.280–1.301 price range and its interaction with moving averages and RSI. A bullish breakout above 1.290 with a confirmed close above the 50-EMA, coupled with RSI above 50 and rising volume, could trigger a long position with a stop-loss below 1.286. A target of 1.304–1.310 aligns with both the Fibonacci projection and upper Bollinger Band. This strategy would aim to capture a continuation of the recent bullish momentum while managing risk with clear technical triggers and stop-loss levels.