Market Overview for Nervos Network/Tether (CKBUSDT) – 2026-01-08

Summary
• Price formed bullish engulfing patterns near 0.002703 and 0.00272.
• RSI hovered in neutral territory, avoiding overbought or oversold extremes.
• Volatility expanded during the early morning ET, with price rising above Bollinger Bands.
• Turnover surged 6.1x during the 02:30–03:45 ET window, supporting higher highs.
• Key 5-min support held at 0.002707, with 61.8% fib resistance near 0.002728.

Nervos Network/Tether (CKBUSDT) opened at 0.002700, reached a high of 0.002766, and settled near 0.002666 by 12:00 ET, with a low of 0.002636. Total volume hit 199.99 million CK, and turnover reached $53,614.

Structure & Formations

Bullish engulfing patterns emerged at key support levels, including 0.002707 and 0.00272, suggesting short-term buying pressure. A long-bodied candle on the 02:45–03:15 ET window indicated strong conviction in the upward move. Key resistance levels at 0.002728 (61.8% fib) and 0.002740 (Bollinger Band) saw consolidation, suggesting potential for a test or reversal in the near term.

Moving Averages

On the 5-minute chart, the 20-period and 50-period EMAs trended higher during the early morning, with price rising above both, supporting bullish momentum. On the daily chart, price remained above the 200-period SMA, suggesting medium-term bullish bias.

Momentum and Volatility

RSI fluctuated between 45 and 60 for much of the day, indicating moderate momentum without extreme overbought or oversold conditions. Bollinger Bands widened during the early morning as volatility surged, with price reaching above the upper band before consolidating. The move suggests traders could see a potential pullback or consolidation phase ahead.

Volume and Turnover Analysis

Volume spiked 6.1x above the 24-hour average between 02:30 and 03:45 ET, coinciding with a 0.002740–0.002766 price advance. This volume confirmed the bullish breakout and suggests follow-through potential. However, turnover declined after 05:00 ET, hinting at reduced conviction. Divergences between price and volume occurred in the latter half of the day, potentially signaling a shift in sentiment.

Fibonacci Retracements

On the 5-minute chart, price tested the 61.8% fib level at 0.002728 twice without breaking through, suggesting strong resistance. A 50% retracement at 0.002714 saw increased volume and price consolidation, pointing to potential short-term support. On the daily scale, the 38.2% fib level at 0.002730 may serve as a near-term psychological target.

Traders may watch for a test of 0.002728 and 0.002740 in the coming 24 hours as potential catalysts for a breakout or pullback. As with all volatile assets, price could reverse quickly if volume fails to confirm bullish moves.