Market Overview: Nexo/Tether (NEXOUSDT) – 2025-10-08 12:00 ET

• Price rallied 1.15% in the last 24 hours, forming a bullish continuation pattern.
• Key resistance appears at 1.285–1.291, with support around 1.261–1.265.
• RSI and MACD show moderate bullish momentum, no overbought conditions.
• Volatility increased significantly after 19:30 ET, with volume surging past 173,000.
• Strong volume expansion observed during 09:15–09:30 ET, confirming a breakout pattern.

Nexo/Tether (NEXOUSDT) opened at 1.260 on 2025-10-07 12:00 ET, reached a high of 1.298, and closed at 1.275 as of 2025-10-08 12:00 ET. The 24-hour volume totaled approximately 1.15 million USD, with total turnover at 1.27 million USD. The pair has shown a moderate bullish bias, with volatility and volume both rising sharply in the last 24 hours.

Structure & Formations

The candlestick pattern suggests a continuation of a bullish trend, supported by the formation of a bullish engulfing pattern at 1.267 on 2025-10-07 19:30 ET. A strong bearish rejection was noted at 1.291–1.296 during the 15:45–16:00 ET period, which appears to have capped short-term upside. Support levels are forming at 1.261–1.265 and 1.256–1.259, both of which have been tested and retested multiple times. The key resistance cluster is 1.285–1.291, where price has struggled to break above in the past two days.

Moving Averages

On the 15-minute chart, the 20SMA and 50SMA have both crossed into a bullish bias, with the price consistently trading above both. This indicates a strong short-term upward trend. On the daily timeframe, the 50DMA and 200DMA are converging with the price near 1.275, suggesting the market may be entering a consolidation phase after a recent breakout from 1.260. The 100DMA acts as a dynamic support around 1.269–1.271.

MACD & RSI

The MACD has remained above the signal line for the majority of the 24-hour period, with a strong bullish crossover observed at 09:15 ET. The histogram has expanded positively, indicating growing momentum. The RSI has trended between 50 and 60 throughout the day, showing balanced bullish momentum without entering overbought territory. A sharp drop in RSI occurred at 09:45 ET as price reached 1.293, but the indicator has since stabilized, suggesting the move is not overbought.

Bollinger Bands

Volatility has expanded significantly in the past 12 hours, with Bollinger Bands widening between 1.253 and 1.298. The price spent most of the morning and early afternoon inside the bands but broke out toward the upper band between 09:15 and 10:15 ET. This suggests growing volatility and a potential shift in market sentiment toward bullishness. A contraction occurred just before 19:30 ET, followed by a sharp expansion, indicating a possible reversal or continuation setup.

Volume & Turnover

Volume has surged from a low of 300 USD at 00:00 ET to a peak of 64,529 USD at 10:00 ET. This was accompanied by a sharp rise in turnover, which peaked at 82,000 USD during the same period. The volume and turnover divergence is notable between 01:30 and 02:00 ET, where price moved upward despite relatively flat volume. This may suggest a weaker leg in the upward move and a possible pullback.

Fibonacci Retracements

Fibonacci levels on the 15-minute chart suggest a 61.8% retracement at 1.282–1.284, where price has paused multiple times. The 38.2% retracement level at 1.276–1.277 appears to be holding as a dynamic support. On the daily chart, the 61.8% retracement level from the recent high near 1.298 to the low of 1.256 is at 1.277, which is currently being tested. A break above this level could lead to a test of 1.285–1.291.

Backtest Hypothesis

A potential backtesting strategy could involve using a bullish engulfing candle on the 15-minute chart, confirmed by a break above the 20SMA and a positive MACD crossover. This setup was observed on 2025-10-07 at 19:30 ET and again on 2025-10-08 at 09:15 ET, both times leading to strong follow-through moves. A stop-loss could be placed below the previous 15-minute candle’s low, while take-profit targets align with key Fibonacci levels at 1.282–1.284 and 1.291.