Market Overview: NEXOUSDT Struggles to Gain Momentum Amid Tight Ranges

Summary
• NEXOUSDT consolidates near 0.9630, with bearish pressure below 0.9600.
• MACD diverges from price as RSI hovers in oversold territory near 30.
• Volatility contracts in final hours, suggesting potential for a directional break.
• Volume spikes at 21:00–22:00 ET signal short-term distribution.

Nexo/Tether (NEXOUSDT) opened at 0.9720, reached a high of 0.9910, and fell to a low of 0.9510, closing at 0.9550 at 12:00 ET. Total volume for the 24-hour window was 1,096,440.97, with a turnover of 1,034,803.30 USDT.

Structure & Formations

Price action shows a bearish breakdown from a key 5-minute resistance at 0.9650, failing to reclaim it after a late attempt. A deep-bodied bearish candle at 02:30 ET confirmed short-term bearish control. A potential support zone emerges near 0.9550, marked by several consolidating candles.

MACD and RSI

The 5-minute MACD showed a bearish crossover at 21:00 ET, followed by negative divergence with the price. RSI dipped into oversold territory around 04:00 ET, suggesting the potential for a small rebound but not a reversal.

Bollinger Bands

Price remained within the Bollinger Bands for most of the session, with volatility narrowing in the final 5 hours. This tightening may precede a directional move, possibly toward the lower band at 0.9480.

Volume and Turnover

A large volume spike at 21:00–22:00 ET coincided with a price drop from 0.9720 to 0.9610, suggesting short-term profit-taking or distribution. Recent turnover has been declining, indicating waning interest unless a catalyst emerges.

Fibonacci Retracements

A 0.618 retracement of the 0.9510–0.9910 move aligns with 0.9700, which has held as a pivot area. A further drop could target 0.9480–0.9450 on the 38.2% and 50% levels.

Given the recent bearish momentum and lack of buying interest at key levels, NEXOUSDT may test the 0.9480–0.9450 support range in the next 24 hours. Investors should monitor for a break below 0.9480, which could signal deeper selling.