Market Overview for NKN/Tether (NKNUSDT) on 2025-10-04

• Price fell to 0.0258, 5.4% below the previous day's high
• Volatility increased with a 15-minute range of up to 0.0005
• RSI dipped below 30, indicating oversold conditions
• Volume surged during the late ET session but failed to confirm a rebound

NKN/Tether (NKNUSDT) opened at 0.0275 on 2025-10-03 12:00 ET and closed at 0.0258 by 2025-10-04 12:00 ET. Price touched a high of 0.0278 and a low of 0.0257 over the 24-hour period. Total volume was 12,170,600 and notional turnover amounted to $319,680.

Structure & Formations

NKNUSDT exhibited bearish pressure throughout the 24-hour window, with a key support level forming around 0.0260 and 0.0258. Price failed to hold above 0.0264 on several occasions, with a bearish engulfing pattern visible around 2025-10-03 16:45 ET, confirming a continuation of the downward bias. A long-legged doji near 0.0261 on 2025-10-04 14:45 ET suggests indecision before a final leg lower.

Moving Averages

On the 15-minute chart, the 20- and 50-period SMAs remained bearish, with price consistently below both lines. For the daily chart, the 50 SMA sat at ~0.0270, the 100 SMA at ~0.0274, and the 200 SMA at ~0.0278, with NKNUSDT trading well below all of them. This confirms a strong bearish trend across multiple timeframes.

MACD & RSI

The 15-minute MACD histogram turned negative early in the session and remained bearish through the close, with the signal line crossing below the histogram to confirm weakening momentum. RSI fell into oversold territory (~28–30) in the final hours, raising the possibility of a short-term bounce, though a close above 0.0263 would be needed to confirm a reversal.

Bollinger Bands

Volatility expanded in the final 8 hours of the session, with the lower band tightening around 0.0260 and price falling to 0.0257, below the lower band. This expansion suggests a possible consolidation phase ahead if price finds support near 0.0258–0.0260.

Volume & Turnover

Volume spiked during the late ET hours, particularly between 15:00 and 16:00 ET, as price accelerated lower. Notional turnover also increased during this time, confirming the move rather than diverging from it. A notable volume bar appeared at 0.0262 during the 14:45–15:00 ET window, highlighting aggressive selling.

Fibonacci Retracements

Applying Fibonacci to the recent 15-minute swing from 0.0278 to 0.0257, price found initial support at the 61.8% retracement level (0.0262–0.0263), and then broke below the 38.2% level (0.0265), suggesting a deeper test of the 50% level (~0.0267) in the near term.

Backtest Hypothesis

A potential backtesting strategy could involve using the 20-period EMA on the 15-minute chart as a dynamic support line, combined with RSI readings below 30 to trigger long entry signals during overbought corrections. Stop-loss placement could be set just below the previous low or below a bearish candlestick formation. The key is to avoid false signals by requiring a close above the 61.8% Fibonacci level to confirm a reversal. Given the current context, this strategy might have captured a short-term bounce near 0.0261–0.0263 in the past 24 hours.