Market Overview for Nervos Network/Tether (CKBUSDT)

• Price declined from 0.005105 to 0.004983 over 24 hours amid bearish momentum.
• RSI dipped into oversold territory near 25, signaling potential for a short-term rebound.
• Bollinger Bands showed contraction in early trading followed by expansion, hinting at a breakout attempt.
• Volume surged during a sharp decline in the late session, indicating strong bearish conviction.

Nervos Network/Tether (CKBUSDT) opened at 0.005092 on 2025-09-20 at 12:00 ET and closed at 0.004983 on 2025-09-21 at 12:00 ET, reaching a high of 0.005105 and a low of 0.004911. The total 24-hour volume amounted to 48,731,315.0 units, with a notional turnover of approximately $243,656.55 (based on traded volumes and prices).

Structure & Formations

The candlestick pattern suggests a bearish bias, with a large bearish engulfing pattern forming between 16:00 and 16:30 ET on the 15-minute chart. This was followed by a continuation of the downtrend, with key support levels forming around 0.00504 and 0.00498, which were tested and held during the late hours. A notable doji formed near 0.005035 around 20:45 ET, suggesting indecision and a potential short-term bottoming process.

Moving Averages

On the 15-minute chart, price spent much of the session below the 20-period and 50-period moving averages, indicating a bearish bias. On the daily chart, the 50-day and 200-day moving averages remain in a bullish alignment, suggesting a longer-term bullish trend. However, the recent pullback has brought the price closer to the 50-day MA, which now appears as a potential support zone.

MACD & RSI

The MACD turned negative early in the session and remained in bearish territory for most of the 24 hours, with a bearish crossover confirmed around 16:00 ET. RSI declined into oversold territory (below 30), peaking at 25 near the close, which may indicate a potential rebound from current levels. However, a sustained move above the 50-level on RSI would be needed to confirm a reversal.

Bollinger Bands

Bollinger Bands showed a contraction in the early part of the session, followed by a sharp expansion during the late hours. This expansion aligned with a sharp decline in price, indicating increased volatility. The price spent the majority of the session below the 20-period lower band, suggesting bearish momentum. A break above the upper band may signal a short-term reversal, but it would need to be confirmed with a bullish close.

Volume & Turnover

Volume surged during the late hours of the session, particularly during the sharp decline from 0.00504 to 0.00498. This surge coincided with a large bearish candle and a move into oversold RSI territory, indicating strong bearish conviction. Notional turnover also spiked during this period, showing that the volume increase was accompanied by meaningful price movement rather than thin trading.

Fibonacci Retracements

Fibonacci retracements drawn from the high at 0.005105 to the low at 0.004983 show that the current close at 0.004983 aligns with the 78.6% level. The 61.8% level at 0.00504 is a key area to watch for a potential bounce or further decline. On the 15-minute chart, a shallow retrace of 38.2% occurred after the bearish engulfing pattern, suggesting that buyers may test this level again.

Backtest Hypothesis

If a strategy is built around detecting bearish engulfing patterns and confirming them with bearish MACD crossovers, this session provides a strong case study. The engulfing pattern formed on the 15-minute chart at the start of the downtrend and was confirmed by a bearish MACD crossover shortly after. A sell entry triggered at the close of the engulfing candle, with a stop loss just above the high of the pattern, would have captured the subsequent decline into the session’s close. This suggests that combining candlestick patterns with momentum indicators can yield strong short-term directional signals, particularly in fast-moving altcoin pairs like CKBUSDT.