Market Overview for Nexo/Tether (NEXOUSDT)

• NEXOUSDT closed near session high with positive momentum but failed to break above 1.23.
• Volume surged during the 15:45–16:00 ET session, confirming a bullish breakout attempt.
• RSI and MACD suggest moderate overbought conditions with potential for pullback.
• Bollinger Bands show increased volatility with price near the upper band.
• Key support at 1.215 and resistance at 1.232 identified for near-term trading decisions.

24-Hour Summary

Nexo/Tether (NEXOUSDT) opened at 1.208 on 2025-10-12 at 12:00 ET, reaching a high of 1.24 and a low of 1.203, before closing at 1.238 as of 2025-10-13 at 12:00 ET. The total 24-hour trading volume amounted to approximately 476,695.33 units with a notional turnover of $577,043.45. The pair appears to have maintained a bullish bias amid increased volatility and volume spikes.

Structure & Formations

On the 15-minute chart, a bullish breakout attempt is visible at the 1.23 level during the 15:45–16:00 ET session, with a candle closing at 1.238. This indicates a possible continuation of an upward trend. Key support levels are identified at 1.215 and 1.208, while resistance is seen at 1.232 and 1.240. A strong engulfing pattern appeared at 1.219 to 1.223 during the 06:30–06:45 ET period, suggesting further bullish momentum if confirmed by volume and price action.

Moving Averages

A 20-period and 50-period moving average on the 15-minute chart shows the price consistently above both, indicating a bullish bias in the short term. On the daily chart, the 50-period moving average appears to be acting as dynamic support, while the 200-period line acts as resistance. If the current bullish trend continues, the 100-period moving average could serve as a key level to watch for a continuation or consolidation.

MACD & RSI

The MACD histogram is positive with the line crossing above the signal line, confirming bullish momentum. RSI is at 65–67 during the most active hours, suggesting moderate overbought conditions without clear signs of exhaustion. A pullback could be imminent, with potential support at the 1.221 level aligning with the 38.2% Fibonacci retracement of the recent upward swing.

Bollinger Bands

Price action has been expanding along the upper band of the Bollinger Bands, indicating increased volatility. The 1.238 close is just below the upper band, suggesting the market may be testing this level as resistance. If the price remains above the 1.23 line, it may signal continuation of the current bullish phase, but a reversal is possible if it fails to hold.

Volume & Turnover

Volume spiked significantly during the 15:45–16:00 ET and 13:45–14:00 ET sessions, with the highest single candle volume being 43,468.61 units during the 13:45–14:00 ET period. The notional turnover during this candle reached $53,460.21, supporting the price move. No clear divergence is seen between price and volume; the two appear to confirm the bullish narrative.

Fibonacci Retracements

Fibonacci retracements on the recent 15-minute upswing show the 38.2% level at 1.221 and the 61.8% level at 1.215. The 1.215 level coincides with a strong support zone and a potential area of consolidation. If the current bullish momentum falters, the price may retest this level before either bouncing back or consolidating further.

Backtest Hypothesis

To further validate the technical signals observed, a MACD-based backtesting strategy could be implemented. MACD (Moving Average Convergence Divergence) is a key momentum oscillator that can identify potential entry points when the line crosses above the signal line (a “Golden Cross”). However, due to the current unavailability of the NEXOUSDT symbol for MACD data retrieval, the strategy cannot be directly applied yet. To proceed, the correct ticker symbol for NEXO/USDT needs to be confirmed—likely in the format of BINANCE:NEXO-USDT or similar. Once this is resolved, the MACD Golden Cross strategy can be tested by entering long positions at the time of the cross and holding for 10 days, back-tested from 2022-01-01 to 2025-10-13. The results would then provide empirical confirmation of whether such a strategy has yielded positive returns in the past under similar conditions.