Market Overview for Nexo/Tether (NEXOUSDT) on 2025-09-23

• Price opened at 1.241 and traded between 1.232–1.262, closing near 1.248 with moderate volatility.
• Strong accumulation seen in 1.245–1.252 range, with a bearish reversal at 1.254–1.248 in late ET hours.
• High turnover of $43,801.08 at 01:30 ET highlighted a key momentum pivot.
• RSI and MACD signaled overbought/oversold transitions, suggesting potential for a consolidation phase.

The 24-hour session for Nexo/Tether (NEXOUSDT) began at 1.241 and traded between 1.232 and 1.262, ending at 1.248 at 12:00 ET. Total volume reached 297,395.1 and turnover was $370,465.5. The price action reflects a tug of war between buyers in the 1.245–1.252 range and sellers emerging after 01:30 ET. A significant bearish reversal pattern formed in the 01:30–03:30 ET window, which may indicate a near-term top.

Key support levels identified over the past 24 hours include 1.242 and 1.237, both of which saw increased volume during pullbacks. Resistance emerged at 1.25 and 1.253, with a failed test of 1.254 marking a probable overhead ceiling. On the 15-minute chart, the 20-period moving average crossed above the 50-period line twice, signaling short-term bullish momentum, though this reversed in the final 6 hours.

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The RSI reached overbought levels (above 65) multiple times during the early part of the session, particularly around the 00:30–02:00 ET window. This suggests short-term exhaustion in the buying trend and may signal a pullback. Conversely, the MACD showed positive divergence in the 1.242–1.248 zone, indicating that sellers may be losing control. Bollinger Bands widened during the 01:30–03:30 ET period, indicating rising volatility, while price remained within the channel, suggesting a lack of clear directional bias. These signals point to a potential consolidation phase ahead.

Volume and turnover saw a marked increase at 01:30 ET, with the highest turnover of $43,801.08 coinciding with the price pulling back from 1.254 to 1.248. This suggests aggressive selling into strength. Notably, volume dropped off significantly after 05:00 ET, which may indicate a lull in market sentiment. A divergence between price and volume at 05:45 ET further suggests weakening bullish momentum. This divergence could foreshadow a reversal or sideways trading in the near term.

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Fibonacci retracements on the key 1.232–1.262 swing identified 1.249 and 1.242 as 38.2% and 61.8% levels, respectively. The price tested both levels multiple times, with 1.249 appearing to hold as a key pivot. A short-term bearish move toward 1.242 could test the 61.8% level again, potentially leading to a retest of 1.237. These retracement levels can act as dynamic support/resistance and may influence short-term trader behavior.

Backtest Hypothesis

The backtesting strategy described involves using a combination of RSI overbought signals and Fibonacci retracement levels as entry triggers for short positions. For example, the RSI reaching overbought conditions around 01:30 ET was followed by a pullback that aligned with the 61.8% retracement at 1.242. This suggests that the strategy could have identified an optimal short entry point. If executed with a stop just above 1.253 and a target near 1.240–1.237, the trade would have captured a key swing move. The use of Fibonacci levels in conjunction with RSI provides a probabilistic edge, particularly in a range-bound or consolidating market like the one observed.

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