Market Overview for Nervos Network/Tether (CKBUSDT) on 2025-12-24

Summary
• Price action shows a bearish bias on the 5-minute chart with a breakdown below key support.
• Momentum diverged mid-day as RSI failed to confirm lower lows despite falling prices.
• Volatility expanded sharply during the 14:45–16:00 ET window, coinciding with strong volume surges.
• Bollinger Bands widened following a consolidation phase, suggesting increased uncertainty.
• A bearish engulfing pattern formed at 18:00 ET, reinforcing potential for further downside.

Nervos Network/Tether (CKBUSDT) opened at $0.002380 on 2025-12-23 at 12:00 ET, reaching a high of $0.002402 before closing at $0.002354 on 2025-12-24 at 12:00 ET. The 24-hour volume totaled 196,992,364.0 units, with a notional turnover of $470,530.

Structure & Formations

Price action on the 5-minute chart showed a series of descending pivots, forming a bearish flag pattern from 20:00 to 04:00 ET. A bearish engulfing pattern appeared at 18:00 ET, confirming a breakdown below the 0.002380 psychological support. A key support level appears to be forming around $0.002340–$0.002335, where the price found a temporary floor in the latter half of the day.

Moving Averages

On the 5-minute chart, the 20-period MA acted as resistance in the late afternoon, while the 50-period MA crossed below it, indicating a bearish crossover. The price closed below both lines by a notable margin, suggesting short-term bearish momentum.

MACD & RSI

The 12:00 ET close saw the MACD in negative territory with a bearish crossover occurring after 05:00 ET. RSI dropped below 30 mid-day, indicating oversold conditions, but failed to bounce, signaling weak conviction in a rebound. A bearish divergence formed between price and RSI in the early hours of 12:24, highlighting a lack of buying interest.

Bollinger Bands

Volatility expanded sharply from 14:45 to 16:00 ET, with the price breaking below the lower band. The bands had been in a tight consolidation phase earlier in the day, which suggests a potential resumption of directional movement. The price remains near the lower band, consistent with a bearish bias.

Volume & Turnover

Volume spiked to over 10 million units at 16:45 and 17:00 ET, coinciding with the breakdown of key support levels. Turnover increased significantly during those periods, suggesting strong bearish conviction. However, volume dipped in the final 30 minutes of the 24-hour window, indicating waning momentum.

Fibonacci Retracements

The 61.8% Fibonacci level on the recent 5-minute uptrend from $0.002351 to $0.002402 sat at $0.002376, where the price stalled in early evening. The price then fell below key retracement levels, breaking below $0.002350, suggesting further testing of the $0.002335 area may occur.

The market appears to have entered a bearish phase with a clear breakdown in the key support area. While oversold conditions may hint at a short-term bounce, the broader trend appears bearish. Investors should watch the $0.002340 level closely for potential further downside, with increased volatility expected in the next 24 hours.