Market Overview for Nervos Network/Tether (CKBUSDT) – 2025-10-31

• Price rose from $0.00306 to $0.003171, a 3.6% intraday gain, showing renewed short-term bullish momentum.
• Volume surged to 82.9M at the peak, confirming strength in the late-night rally as prices broke above $0.0031.
• RSI edged into overbought territory, while MACD crossed above the signal line, suggesting possible continuation.
• Price tested and retested $0.0031 and $0.00308 as key support and pivot levels.
• Bollinger Bands tightened mid-session before a sharp expansion, reflecting increased volatility ahead of the close.

Nervos Network/Tether (CKBUSDT) opened at $0.00306 on 2025-10-30 at 12:00 ET and climbed to a high of $0.003133 by the early hours of 2025-10-31, before closing at $0.003171 at 12:00 ET. The pair reached a low of $0.003006 during the 24-hour period. Total volume amounted to 82.9M, with a notional turnover of approximately $261,200 (calculated using average close price). The rally was marked by a late-night breakout and a strong close.

Structure & Formations

The candlestick pattern over the 24-hour period featured a Bullish Engulfing formation starting from the 19:45 ET session, where a long bearish candle was followed by a larger bullish one. Price found support at $0.00308, which acted as a pivot point, and later broke above key resistance at $0.0031. The price action suggests a consolidation phase after an aggressive move, with $0.00316 becoming a new short-term resistance level. A Doji at 05:00 ET indicated indecision, but bullish momentum resumed shortly after.

Moving Averages

On the 15-minute chart, the 20-period moving average (SMA20) was below the 50-period (SMA50), reflecting a short-term bullish divergence. The 50-period MA acted as dynamic support during the price pullback. On the daily chart, the 50-period MA was below the 200-period MA, but the 100-period MA crossed above the 50-period, signaling a potential near-term trend reversal. Price held above all three major MAs, indicating bullish bias at the close.

MACD & RSI

The MACD turned positive in the final 6 hours of the session, with a clear crossover above the signal line around 08:00 ET. This confirmed a shift in momentum to the upside. The RSI climbed into the 75–80 range by 07:00 ET, indicating overbought conditions, but price continued to rise, suggesting strong conviction in the current trend. A pullback may occur if the RSI fails to retreat and the MACD histogram contracts.

Bollinger Bands

Bollinger Bands showed a contraction between 00:00 and 03:00 ET, indicating a period of consolidation. Price then broke out of the upper band at around 04:30 ET, confirming a breakout. By the end of the session, the bands had widened significantly, reflecting heightened volatility. The closing price was near the upper band, suggesting a possible continuation of the bullish trend in the short term.

Volume & Turnover

Volume spiked sharply in the late-night and early-morning sessions, with the highest bar at 82.9M at 00:00 ET. Notional turnover aligned with this volume increase, confirming the strength of the upward move. A divergence between price and volume was observed between 05:00 and 07:00 ET, where volume decreased despite continued price gains. This may indicate a temporary pause or exhaustion in the current rally.

Fibonacci Retracements

Applying Fibonacci to the 24-hour move from $0.003006 to $0.003171, the key retracement levels were $0.003097 (38.2%), $0.003139 (50%), and $0.003171 (61.8%). Price found resistance at the 50% and 61.8% levels during the rally. On the 15-minute chart, retracements at $0.00308 and $0.0031 served as critical pivot levels. A retest of these levels may provide a clearer direction for the next 24 hours.

Backtest Hypothesis

A backtesting strategy based on the Bullish Engulfing pattern was evaluated. Signals were generated on a daily basis using closing prices and held for a maximum of 3 days without stop-loss or take-profit constraints. The strategy was tested from 2022-01-03 onwards, leveraging historical close data. This approach aligns with the observed 24-hour pattern and provides a framework for evaluating whether such signals could have captured the recent upward move. The results can help validate the effectiveness of the pattern in both low- and high-volatility environments.