Market Overview for Nervos Network/Tether (CKBUSDT)

Summary
• Price broke below 0.002750 support with bearish confirmation via a 5-minute engulfing pattern.
• Volatility expanded sharply as price tested lower Bollinger Band levels and RSI entered oversold territory.
• Turnover increased in afternoon trading, yet volume failed to confirm bullish rejection, hinting at bearish exhaustion risk.

Nervos Network/Tether (CKBUSDT) opened at 0.0028 on 2025-12-09 12:00 ET, reached a high of 0.002815, and closed at 0.002673 as of 2025-12-10 12:00 ET. Total 24-hour volume was 66,865,485.0 with a notional turnover of $184,223.59, reflecting elevated bearish momentum.

Structure & Formations

Price action revealed a key bearish engulfing pattern at 0.002750 during the late afternoon (19:45 ET), followed by a breakdown below prior support into 0.002673. A potential near-term support level appears to be forming around 0.002670–0.002680, with 0.002700 as the next immediate resistance.

Moving Averages and Momentum

On the 5-minute chart, price has been trading below both 20-EMA and 50-EMA for the past 6 hours. RSI entered oversold territory (below 30) in early morning trading, suggesting potential near-term bounce. MACD crossed into bearish territory and has remained negative, with bearish divergence observed.

Volatility and Bollinger Bands

Volatility expanded in the early morning as price traded near the lower Bollinger Band at 0.002675–0.002680. The bands have widened since 12:00 ET, indicating a possible continuation of the current directional move.

Volume and Turnover

Turnover spiked at 08:15 and 08:30 ET during a sharp selloff, with turnover reaching $16,200 and $17,500 respectively. However, price failed to close above the 0.002720 level during this period, suggesting that volume was bearish in nature.

Fibonacci Retracements

Fibonacci levels indicate 0.002700 (38.2%) and 0.002660 (61.8%) as key areas for potential near-term action. Price has tested the 61.8% level multiple times in the past 6 hours, with mixed rejection.

Elevated bearish momentum may test the 0.002670 level in the next 24 hours, with a potential pullback to 0.002700 if oversold conditions trigger a bounce. Investors should be cautious about divergences between price and volume, which may signal a false breakdown or delayed bullish reversal.