Nexo/Tether USDt Market Overview

• Price action for NEXOUSDT shows bearish bias with multiple downward closes and broken key levels
• Momentum indicators suggest overbought conditions were reversed into bearish territory in the 24-hour window
• Volatility has increased due to a sharp decline from 1.296 to 1.276, with high volume confirming bearish sentiment
• Bollinger Bands show price retesting lower band, signaling potential for continuation of current downward move
• Fibonacci retracement levels at 1.283 and 1.279 appear to be key psychological support for near-term trading

Nexo/Tether USDt (NEXOUSDT) opened at 1.295 on 2025-09-10 at 12:00 ET and closed at 1.287 on 2025-09-11 at 12:00 ET. The 24-hour range was 1.296 (high) to 1.272 (low), with total volume of 680,443.44 and turnover of $868,672. The pair has seen significant bearish pressure in the past 24 hours, with price trending below both 20- and 50-period moving averages.

Structure & Formations

The 15-minute chart shows a consistent bearish bias with multiple bearish engulfing patterns and a long-legged doji at 1.287 indicating indecision. Key support levels at 1.283 and 1.279 were tested and partially held, while resistance levels at 1.290 and 1.295 appear to have broken with volume confirmation. Price is currently consolidating between 1.282 and 1.288, with a potential for a continuation of the downward trend if 1.282 is broken.

Moving Averages

On the 15-minute chart, the 20- and 50-period moving averages have both turned bearish, with price currently below both. This confirms the short-term bearish trend. On the daily chart, the 50-period MA is at 1.288, the 100-period MA at 1.289, and the 200-period MA at 1.287, all suggesting a tight consolidation phase with the 50-period acting as a key psychological level for potential reversal.

MACD & RSI

The MACD has turned bearish with a negative histogram and a downward crossover, reinforcing the bearish momentum. The RSI is at 42, indicating neutral to slightly bearish territory and not showing signs of overbought or oversold conditions. However, the RSI has been trending downward in line with the price, suggesting that the bearish move could continue unless a sharp rebound occurs.

Bollinger Bands

Price is currently retesting the lower Bollinger Band, having dropped from the upper band at 1.296 to the lower at 1.272 over the 24-hour period. This indicates increased volatility and a potential continuation of the bearish trend. The middle band is at 1.284, which could act as a dynamic support/resistance level in the near term.

Volume & Turnover

Volume has surged during the bearish breakdown, especially during the 03:30–04:45 ET window, where volume peaked at over 29,000 on the 15-minute chart. Turnover has moved in line with the volume, confirming the bearish sentiment. Divergences between price and volume are not present, suggesting that the move is backed by strong seller participation.

Fibonacci Retracements

On the 15-minute chart, key Fibonacci retracement levels at 1.283 (38.2%) and 1.279 (61.8%) have been tested. The 38.2% level appears to be a stronger short-term support, while the 61.8% could act as a deeper psychological level for further correction. On the daily chart, the 38.2% retracement level is at 1.289 and could offer resistance if the trend reverses.

Backtest Hypothesis

A potential backtest strategy could be to enter short positions when price breaks below the 1.283 Fibonacci level on the 15-minute chart with volume confirmation, targeting a stop at 1.287 and a take-profit at 1.279. This would align with the bearish engulfing patterns and the RSI’s neutral bearish signal. A long bias could be tested on a retest of the 50-period MA at 1.288 with a volume divergence as confirmation. This strategy would capitalize on the current bearish momentum while managing risk through clear entry and exit levels.