Market Overview for Nexo/Tether (NEXOUSDT): 24-Hour Technical Summary

• Price dipped to 1.103 intraday before recovering to 1.118, signaling potential support around 1.105–1.108.
• Volatility increased during the Asian session, with a 0.8% range observed in the 15-minute candles.
• Turnover spiked near 1.107–1.109, suggesting accumulation or distribution activity.
• RSI appears to have entered oversold territory, hinting at short-term rebound potential.
• Volume remained moderate throughout, with no clear divergence between price and turnover.

Nexo/Tether (NEXOUSDT) 24-Hour Summary

Nexo/Tether opened at 1.117 at 12:00 ET−1 and closed at 1.118 at 12:00 ET, with a 24-hour high of 1.126 and low of 1.103. Total volume amounted to approximately 704,046.53 units, with notional turnover reaching USD 785,917. The price action suggests consolidation after a brief bearish pullback, with moderate volume supporting a neutral-to-bullish near-term outlook.

Structure & Formations

Price formed a bearish engulfing pattern during the late ET session on October 31, indicating a potential reversal from bullish to bearish momentum. A small doji near 1.110 further suggests indecision. The 1.105–1.108 zone appears to have provided short-term support, with buyers stepping in to stabilize the price. The 1.118–1.121 range has emerged as a critical resistance cluster, where buyers may struggle to maintain control without a significant volume surge.

Moving Averages

On the 15-minute chart, price remained below the 20-period and 50-period moving averages, indicating bearish bias in the short term. However, the 20-period MA began to flatten and show a slight upward bias in the last 4 hours, hinting at a potential re-test of key resistances. On the daily chart, the 50-period and 100-period MAs are aligned closely, suggesting a transition phase in the trend. The 200-period MA sits below the current price, indicating a longer-term bullish tone.

MACD & RSI

The 15-minute MACD showed a bearish crossover earlier in the session but has since returned to neutral territory. RSI reached levels near 30 in the overnight session, signaling oversold conditions and potentially setting the stage for a short-term rebound. However, momentum has not yet reversed, with RSI hovering just above the 35 threshold. This suggests that while a bounce may occur, it could remain weak without a strong volume confirmation.

Bollinger Bands

Price action remained within a narrow Bollinger Band range during most of the 24-hour window, with volatility increasing slightly around 1.107–1.109. A minor contraction was observed prior to the Asian session, followed by a mild expansion as the price moved toward 1.110. Currently, the price sits just above the mid-band, indicating a tentative shift in momentum toward the bullish side, though the trend remains neutral.

Volume & Turnover

Volume increased modestly as the price approached key support levels, especially between 1.103 and 1.107. Turnover spiked during these periods, supporting the idea of accumulation. No major divergence was observed between price and turnover during the session, suggesting that the bearish move was not driven by weak hands but rather a strategic test of support. The moderate volume profile implies that the market may require more catalysts to break out of the current range.

Fibonacci Retracements

On the 15-minute chart, the 61.8% Fibonacci retracement level from the October 31 low to the following high is currently around 1.118–1.121, aligning with the recent resistance cluster. The 38.2% level sits near 1.113, which was a key area of consolidation. On the daily chart, the 50% and 61.8% retracement levels correspond closely to the current price range, suggesting that a breakout or breakdown could bring clarity to the longer-term trend.

Backtest Hypothesis

The described backtest strategy relies on RSI-14 levels to identify potential entries, specifically when RSI falls below 30 as a potential oversold entry signal. However, as noted, the RSI data for NEXOUSDT could not be retrieved due to a symbol mismatch or data source limitation. A corrected ticker—such as NEXO-USDT on Binance or NEXO-USD on Coinbase—would allow for the full backtesting of the strategy. Once RSI data is confirmed and retrieved, the strategy can be implemented to test entries on RSI < 30, with a 3-day holding period. This method would assess whether short-term reversals can be captured effectively within the NEXOUSDT pairing.