Market Overview for Nexo/Tether (NEXOUSDT)

Summary
• Price action showed a bearish breakdown on 5-min chart, with 61.8% Fibonacci support tested near 0.977.
• Momentum turned negative mid-day, with RSI below 30 and MACD bearish divergence.
• Volatility expanded with a broad range of 0.991–1.008, driven by increased turnover in afternoon ET.
• Bollinger Bands showed a wide channel, suggesting heightened uncertainty and potential for a pullback.
• Volume spiked at 17:00 ET and again at 10:00–12:00 ET, with price failing to confirm bullish follow-through.

Nexo/Tether (NEXOUSDT) opened at 1.005 on 2025-12-09 12:00 ET, reached a high of 1.008, a low of 0.977, and closed at 0.987 by 2025-12-10 12:00 ET. Total 24-hour volume was 378,798.42, and notional turnover was approximately $372,826.

Structure & Formations

Price tested key support levels twice, notably at 0.977, where it bounced off in a potential bullish reversal setup. A long lower shadow at 0.977 suggests buyers may have entered, though bearish pressure reasserted late in the session. On the 5-minute chart, a series of bearish engulfing patterns emerged between 19:00 and 21:00 ET, signaling short-term bear momentum.

Moving Averages

On the 5-minute chart, price dipped below both 20 and 50-period moving averages after 19:00 ET, confirming a bearish shift in near-term sentiment. Daily chart averages (50/100/200) showed a more neutral stance, with price hovering around the 50-period line but below the 200-period.

Momentum & Volatility

Relative Strength Index (RSI) dropped to 28 at 22:00 ET, indicating oversold conditions, though failed to trigger a strong rebound. The MACD line crossed below the signal line with a bearish divergence, suggesting potential for further downside. Bollinger Bands showed a wide channel, reflecting increased volatility, with price closing near the lower band, typical of overextended bearish moves.

Volume & Turnover

Volume spiked sharply at 17:00 ET and again between 10:00–12:00 ET, coinciding with key price declines. Notional turnover rose in tandem, with no significant divergence seen between price and volume, lending credibility to the bearish move.

Fibonacci Retracements

Key 5-minute Fibonacci levels were tested at 0.977 (61.8%) and 0.984 (38.2%). Price briefly rebounded from 0.977 but remained under pressure, suggesting 0.881–0.984 could be next in focus. Daily Fibonacci levels also showed a potential target at 0.974 for further downside if the trend continues.

The price action suggests that Nexo/Tether may test lower support levels over the next 24 hours, with a potential bounce at 0.977–0.981. However, risks remain on the downside if buyers fail to confirm at key levels. Investors should monitor volume and RSI for signs of a reversal or breakdown.