Market Overview for Nervos Network/Tether (CKBUSDT)

Summary
• Price action formed a bearish reversal pattern after testing a key resistance at 0.0028.
• Volatility expanded in the latter half of the day, with a 5.3% intraday drop observed.
• RSI and MACD signal weakening momentum, suggesting potential for a near-term consolidation.
• Volume spiked during the selloff, confirming bearish conviction.
• Key support at 0.002655 may hold if sentiment remains cautious.

Nervos Network/Tether (CKBUSDT) opened at 0.002752 on 2025-12-06 at 12:00 ET and traded as high as 0.0028 before closing at 0.002657 on 2025-12-07 at 12:00 ET. The pair saw a 24-hour volume of ~222.7 million units and a turnover of ~603,000 USD.

Structure & Key Levels

Price tested the 0.0028 level twice but failed to hold above, forming a bearish divergence and rejection pattern. A descending triangle is now forming on the 5-minute chart, with 0.002655 as immediate support and 0.002680 as the next key level to watch.

Momentum and Indicators

The RSI remains in the lower 40s, indicating weak bullish momentum and potential for further consolidation. MACD shows a bearish crossover and negative histogram, reinforcing the bearish tone.

Volatility and Volume

Bollinger Bands have widened in the afternoon and evening sessions, reflecting heightened volatility. A significant volume spike during the sharp decline from 0.00276 to 0.00265 suggests strong bearish participation. Notional turnover aligned with the selloff, providing confirmation.

Pattern and Retracements

A bearish engulfing pattern formed during the early evening, signaling a shift in sentiment. Fibonacci retracement levels indicate a 61.8% retracement at 0.002665, which appears to be a potential near-term floor.

The market may test the 0.002655 level over the next 24 hours, with a risk of breaking down to the 0.002630 zone if bearish pressure persists. Investors should monitor the 0.002665–0.002680 range for a possible bounce or continuation of the downward trend.