Market Overview for Nervos Network/Tether (CKBUSDT)

Summary
• Price dropped sharply after 17:15 ET, forming a bearish engulfing pattern before stabilizing.
• Volatility surged during the 20:15–21:30 ET session, with volume peaking above 40M.
• RSI reached oversold levels near 20:30 ET, suggesting potential for a rebound.
• A 61.8% Fibonacci retracement level at 0.002235 appears to be acting as key support.
• MACD showed bearish divergence after 0:00 ET, hinting at further downside bias.

Nervos Network/Tether (CKBUSDT) opened at 0.002344 on December 18, 12:00 ET, hit a high of 0.002356, a low of 0.002153, and closed at 0.002330 by 12:00 ET December 19. Total volume reached 398,481,947.0, with notional turnover at $925,275.

Structure and Key Levels

The pair experienced a sharp bearish reversal from 17:15 to 19:45 ET, with a bearish engulfing pattern forming at the top of a 5-minute rally. A 61.8% Fibonacci retracement level at 0.002235 acted as strong support, halting the downward momentum for several sessions. Price later consolidated within a tight range between 0.002225 and 0.002280, suggesting a potential pause in bearish pressure.

Moving Averages and Momentum

On the 5-minute chart, the 20-period and 50-period moving averages remained bearishly aligned for most of the session, reinforcing a short-term downtrend. However, price began to cross back above the 50-period line in the final hours of the 24-hour period. MACD showed bearish divergence in the early morning hours, but RSI briefly hit oversold territory, hinting at a possible rebound from 0.002235.

Volatility and Bollinger Bands

Volatility spiked sharply between 20:15 and 21:30 ET, with the 20-period Bollinger Bands expanding significantly. Price traded near the lower band multiple times during the session, but found support at 0.002235. A subsequent contraction in the bands after 0:00 ET suggests a period of consolidation, which could precede a breakout attempt.

Volume and Turnover Divergence

The highest volume spike occurred at 20:15 ET, with over 41.6 million contracts traded as price fell sharply toward 0.002207. However, turnover dropped significantly after 0:00 ET, despite a moderate price rebound. This volume-turnover divergence implies a lack of conviction in the short-term rally.

Looking ahead, CKBUSDT appears poised to test the 0.002275–0.002285 range in the coming 24 hours, with a potential break above 0.002290 signaling a recovery attempt. However, a close below 0.002235 could reignite bearish momentum, so investors should monitor key support levels closely.