Market Overview for Nexo/Tether (NEXOUSDT) – 2026-01-07

Summary
• Price tested key support at $0.970–0.972 before rebounding into a bullish consolidation phase.
• Strong volume surges coincided with the morning low, confirming a potential short-term bottom.
• Momentum has stabilized with RSI exiting oversold territory and MACD suggesting a shift in trend bias.
• A bullish engulfing pattern formed after 09:00 ET, signaling possible follow-through buying.
• Bollinger Bands narrowed overnight, suggesting a possible breakout or breakout failure ahead.

Nexo/Tether (NEXOUSDT) opened at $0.985 on 2026-01-06 at 12:00 ET, hit a low of $0.965 and a high of $0.992, and closed at $0.984 at 12:00 ET. Total traded volume reached 534,803.9 units, with notional turnover of $521,511.14.

Structure & Formations

Price tested a key support zone at $0.970–0.972 around 02:30 and 04:00 ET, where a series of small-bodied bullish candles emerged. A bullish engulfing pattern formed around 09:00 ET after the prior bearish body, suggesting a reversal. A multi-candle consolidation phase followed, with price remaining above $0.976, suggesting short-term support may hold for now.

Moving Averages

On the 5-minute chart, the 20-period and 50-period moving averages crossed into alignment above $0.980, suggesting a bullish bias in short-term momentum. On the daily chart, the 50-period MA appears to be catching up to the 100- and 200-period lines, signaling potential for a longer-term base to form.

Momentum & Indicators

The RSI moved out of oversold territory below 30, rising to mid-40s by midday, indicating easing downward pressure. MACD showed a bullish crossover in the morning, with the histogram rising into positive territory, supporting a potential reversal. Bollinger Bands remained narrow for most of the overnight session, suggesting low volatility, but widened during the morning rebound, signaling increased uncertainty and potential for a breakout.

Volume & Turnover

Volume spiked during the morning low at $0.970–0.975, reaching over 66k units traded in the 21:30 and 21:45 ET candles. Notional turnover mirrored this, with over $64k traded during that period, confirming the strength of the bounce. A divergence between price and volume occurred after 16:00 ET as price fell but volume remained muted, suggesting waning momentum.

Fibonacci Retracements

A 5-minute swing from $0.970 (low) to $0.992 (high) showed key Fibonacci levels at $0.985 (38.2%) and $0.980 (61.8%). Price stalled near the 61.8% level twice, indicating psychological resistance. On the daily chart, the 61.8% retracement of the prior week’s decline appears to be a potential target for near-term buyers.

Nexo/Tether appears to be consolidating after a sharp rebound from key support, with technical indicators suggesting a potential for a continuation of the upward move. A break above $0.990 could test the 61.8% Fib level, but traders should remain cautious of a pullback if volume fails to confirm a breakout. Investors may want to monitor the 0.982–0.985 range for signs of a potential reversal failure or continuation.