Summary
• Price declined from 0.002481 to 0.002416 with bearish momentum intensifying after midday ET.
• A large bearish candle formed around 02:15 ET, breaking key support and triggering further selling.
• Bollinger Bands showed tightening before 02:00 ET, followed by sharp expansion as volatility spiked.
• Volume spiked significantly in the early morning ET, aligning with price weakness and confirming bearish sentiment.
• RSI entered oversold territory briefly, but without rebound, suggesting bearish control.
Nervos Network/Tether (CKBUSDT) opened at 0.002475 at 12:00 ET–1, reached a high of 0.002481, a low of 0.002376, and closed at 0.002416 by 12:00 ET. Total volume for the 24-hour period was 157,342,821.0, with notional turnover of 381,336.87 USD.
Structure & Formations
Price action displayed a strong bearish bias with a key support level broken at 0.002450 during the morning ET hours. A large bearish candle at 02:15 ET marked a decisive breakdown from a prior consolidation range. A few doji and bearish engulfing patterns emerged in the late morning to early afternoon window, suggesting waning bullish participation.
Moving Averages
On the 5-minute chart, the 20-period and 50-period moving averages both trended downward, with price closing well below both.
The 50-period MA crossed under the 100-period and 200-period on the daily chart, indicating bearish alignment across timeframes.
MACD & RSI
MACD turned sharply lower after 02:00 ET, with a bearish crossover and deepening negative histogram. RSI dropped into oversold territory briefly after the 0.002376 low but failed to generate a meaningful rebound, suggesting sustained bearish pressure.
Bollinger Bands
Bollinger Bands showed a tightening contraction before 02:00 ET, followed by a sharp expansion as price gapped down below the lower band. Price remained within the lower third of the bands for much of the session, signaling low volatility and bearish bias.
Volume & Turnover
Volume spiked significantly during the early morning ET period, especially around 02:15 ET and 02:45 ET, aligning with the sharp price breakdown. Notional turnover increased in tandem, confirming bearish control rather than divergence.
Fibonacci Retracements
On the 5-minute chart, price found temporary rejection near the 38.2% retracement level of the prior bullish leg before breaking decisively lower. On the daily chart, the 61.8% retracement of the last upward move is now key support at ~0.002380, which will be closely watched for a potential bounce or further breakdown.
Price appears to be in a bearish phase, with key support levels at 0.002380 and 0.002376. A rebound above 0.002450 could signal short-term relief, but bearish momentum remains strong for the next 24 hours. Investors should be cautious of further downside volatility.
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