Market Overview for Nervos Network/Tether (CKBUSDT) on 2025-12-12

Summary
• Price tested key resistance at $0.002620–0.002630 before consolidating near $0.002615.
• Momentum suggests short-term overbought conditions, with RSI hovering near 60.
• Volume increased sharply during the morning ET rally but declined in the afternoon.
• Bollinger Bands expanded in the midday surge, suggesting rising volatility.
• A bullish engulfing pattern formed around 19:00 ET, followed by a consolidation phase.

Nervos Network/Tether (CKBUSDT) opened at $0.002570 at 12:00 ET–1 and reached a high of $0.002646 during the session. The price closed at $0.002618 at 12:00 ET after testing $0.002562 as a support. Total volume for the 24-hour period was 111,830,899.0, with notional turnover amounting to approximately $286,111.

Structure & Key Levels

Price action revealed a bullish bias around the $0.002615–0.002620 range, with a notable bullish engulfing candle at $0.002615 around 19:00 ET. Resistance levels at $0.002630 and $0.002640 appear to be formidable, as the price failed to close above these after a midday rally. Support is likely to hold at $0.002600–0.002605 and $0.002590–0.002595, which were tested multiple times during the session.

Moving Averages and Momentum

A 20-period and 50-period moving average on the 5-minute chart shows a rising trend, with the 50-period MA acting as a dynamic support during the afternoon. RSI reached 61.8 at its peak, indicating short-term overbought conditions. MACD turned positive in the early ET hours but flattened in the afternoon, suggesting potential exhaustion in the bullish momentum.

Volatility and Bollinger Bands

Volatility expanded significantly between 18:45 ET and 21:45 ET, with Bollinger Bands widening as the price rallied. Price action stayed within the bands for most of the session, with the midday rally pushing it to the upper band. This suggests a period of elevated volatility but not a breakout. A period of consolidation followed, reducing the band width in the late afternoon.

Volume and Turnover Divergence

Volume surged during the 18:45–21:45 ET rally, particularly in the 19:00–20:30 ET timeframe, with volume exceeding 7 million in multiple 5-minute intervals. This was followed by a sharp decline in both volume and turnover, suggesting a divergence from the price action. A potential reversal or sideways move could be expected as this divergence indicates weakening conviction in the bullish bias.

Fibonacci and Retracement Levels

Key Fibonacci retracement levels from the 18:45 ET to 21:45 ET rally show 0.382 at $0.002628 and 0.618 at $0.002612. Price action pulled back to the 0.618 level and found support there, indicating a possible continuation of the bullish trend. However, a break below $0.002610 could see a retest of $0.002595 before the next Fibonacci level.

The price may consolidate around $0.002615–0.002620 in the next 24 hours as it tests the 0.618 retracement level for support. Traders should watch for a breakout above $0.002630 as a potential confirmation of renewed bullish momentum, though increased volume divergence suggests caution.