Market Overview for Nervos Network/Tether (CKBUSDT)

Summary
• Price action showed a bearish consolidation into the session close, forming a potential bearish engulfing pattern at key resistance.
• Volume and turnover spiked during the early session, confirming bearish momentum but later diverged from price.
• RSI entered oversold territory late in the session, hinting at potential short-term rebound but limited upside.
• Bollinger Bands narrowed mid-day before a sharp expansion, indicating a potential breakout or breakdown ahead.
• Price found initial support near 0.002460, with 0.002445 likely acting as a near-term critical level if the decline resumes.

The pair Nervos Network/Tether (CKBUSDT) opened at 0.002489 on 2025-12-28 at 12:00 ET, reached a high of 0.002526, a low of 0.002437, and closed at 0.002475 on 2025-12-29 at 12:00 ET. Total traded volume reached approximately 102,756,840.0 and notional turnover amounted to around 257,263.20 USD over the 24-hour period.

Structure and Price Action

Price action unfolded in a bearish trend throughout much of the session, forming multiple lower highs and lower lows, with a key bearish engulfing pattern emerging at 0.002500. Price tested a prior support zone near 0.002465–0.002470, consolidating briefly before a late-day pullback. A bearish breakdown below 0.002465 could trigger a test of 0.002445, while a retest above 0.002480 may signal a short-term reversal.

Momentum and Volatility

RSI dipped into oversold territory near 30 in the final hours of the session, suggesting short-term buying interest may return. MACD showed a bearish crossover early in the morning, reinforcing the downward bias, though momentum has weakened as the trend aged. Bollinger Bands contracted sharply around 04:30 ET, then expanded after a sharp move lower, signaling heightened volatility and potential directional clarity ahead.

Volume and Turnover

Volume and turnover surged between 18:30 and 20:00 ET, confirming the bearish breakdown. However, volume declined significantly during the final push lower, indicating weakening conviction. Divergence between price and volume near the close may suggest a potential near-term pause or reversal.

Key Levels and Outlook

A breakdown below 0.002465 would target 0.002445, a level where prior rejection occurred. A bounce above 0.002480 could reinvigorate buyers, with a possible test of 0.002495–0.002500. For the next 24 hours, traders may watch for a breakout beyond either level, though caution is warranted as divergence and weakening momentum could lead to a period of consolidation.