Market Overview for Nexo/Tether (NEXOUSDT): 24-Hour Update

Summary
• Price declined from 0.936 to 0.905, with key support at 0.91–0.92 and resistance near 0.931.
• Volume spiked sharply during the 14:30–15:30 ET window, coinciding with a large downward move.
• RSI suggests oversold conditions near 0.905, though recovery remains uncertain without bullish confirmation.
• Bollinger Bands contracted before the 14:30 ET break, indicating a potential breakout.
• A bearish engulfing pattern formed around 0.932, reinforcing bearish sentiment.

Nexo/Tether (NEXOUSDT) opened at 0.936 on 2025-12-23 at 12:00 ET, hit a high of 0.936, a low of 0.888, and closed at 0.905 on 2025-12-24 at 12:00 ET. Total volume was 312,186.46, and notional turnover was $283,688. The price action reflects a significant bearish shift amid strong selling pressure.

Structure & Formations

Price tested the 0.931–0.934 resistance level multiple times over the first half of the period, failing to break through. A bearish engulfing pattern formed at 0.932–0.927 around 04:30 ET, signaling a shift in sentiment. A key support level at 0.918–0.922 emerged, with price rebounding from 0.888 after the 14:30 ET breakdown.

Technical Indicators

The 20 and 50-period moving averages on the 5-minute chart crossed bearishly, confirming the downtrend. RSI reached oversold territory below 30 during the 15:00–16:00 ET window, while MACD showed bearish divergence with a fading histogram. Volatility expanded after 14:30 ET, as seen in the widening of Bollinger Bands following a period of contraction.

Volume and Turnover

Volume surged dramatically between 14:30 and 15:45 ET, with the largest single bar at 119,470.62 in volume and a close at 0.905, suggesting a large institutional or algorithmic sell-off. Notional turnover spiked in line with the price decline, indicating genuine liquidity exhaustion rather than a temporary pullback.

Fibonacci Levels

On the 5-minute chart, the 61.8% Fibonacci retracement level from the 0.888 low to the 0.936 high is around 0.908–0.910, where price has stalled twice. On the daily chart, the 38.2% retracement of a broader 2024–2025 move is at 0.901–0.904, aligning with recent price action.

In the next 24 hours, a test of the 0.901–0.904 level could determine whether the decline stabilizes or continues lower. Investors should remain cautious, as a break below 0.901 may trigger further liquidation.