Market Overview: NKNUSDT 24-Hour Technical Summary

• NKNUSDT declined from 0.0295 to 0.0289 before a late-day rebound to 0.0295.
• A key 0.0295 resistance appears to be holding with bullish momentum in the final hours.
• Volatility increased significantly, with a notable divergence in turnover during the dip.
• RSI shows moderate momentum with no extreme overbought or oversold signals.
• Bollinger Bands indicate recent price action is trending near the upper band, suggesting rising volatility.

Market Overview

NKN traded on the NKNUSDT pair opened at 0.0294 on 2025-07-28 12:00 ET, reached a high of 0.0296, a low of 0.0276, and closed at 0.0295 on 2025-07-29 12:00 ET. Total volume over 24 hours was 45.8 million NKN, with a notional turnover of approximately $1.37 million.

Structure & Formations

Price action displayed a bearish breakdown to 0.0285 before a strong reversal took place from 0.0285 to 0.0296. Key support levels were identified at 0.0285 and 0.0289, with resistance forming at 0.0295. A bullish engulfing pattern emerged in the final hours, suggesting a potential short-term reversal. A doji appeared near 0.0295, indicating indecision at the upper end of the range.

Moving Averages

On the 15-minute chart, price closed above the 20-period and 50-period moving averages, suggesting a short-term bullish bias. On the daily chart, the 50-period MA is at 0.0292, and the 200-period MA is at 0.0288, indicating a potential long-term support level. Price currently appears to be consolidating above the 50 MA, which could signal a continuation of the upward trend.

MACD & RSI

MACD showed a narrowing histogram in the morning, indicating weakening bearish momentum, followed by a bullish crossover in the late afternoon. RSI remained within a moderate range (55–65), suggesting balanced buying and selling pressure. While not overbought or oversold, the RSI trend has been gradually rising, which may indicate increasing bullish momentum.

Bollinger Bands

Volatility expanded significantly during the early part of the day, with price reaching the lower band at 0.0276. A strong rebound brought price back to the upper band at 0.0296. This expansion may indicate a breakout attempt, with price now hovering near the upper band again, suggesting continued bullish bias.

Volume & Turnover

Volume spiked during the bearish phase, particularly between 18:30 and 19:30 ET, but then dropped off during the bullish reversal. Notional turnover followed a similar pattern, with a divergence in the late afternoon where price rose but turnover remained moderate. This may suggest a less liquid but more coordinated buying effort.

Fibonacci Retracements

Applying Fibonacci retracement to the 0.0296–0.0285 swing, the 38.2% level is at 0.0289 and the 61.8% level is at 0.0292. Price has tested the 61.8% level and now appears to be consolidating above it, suggesting that a break above 0.0296 could be the next target.

Looking ahead, NKN may continue to test the 0.0295–0.0296 resistance area, with a potential break above signaling a stronger bullish phase. However, traders should remain cautious of a pullback if volume and turnover fail to confirm further upside.