Nervos Network/Tether Market Overview: 2025-11-01

• Nervos Network/Tether (CKBUSDT) closed lower at 0.003161 after a volatile 24-hour session with a high of 0.003424 and a low of 0.003093.
• Momentum appears mixed, with RSI suggesting overbought conditions toward the session high but a pullback into oversold territory during the session.
• Volatility expanded significantly during the day, especially after 15:00 ET, with high-volume spikes coinciding with key price swings.
• A bearish engulfing pattern emerged near the session high, signaling potential bearish continuation.

Nervos Network/Tether (CKBUSDT) opened at 0.003177 on 2025-10-31 at 12:00 ET and closed at 0.003161 the following day. The pair reached a high of 0.003424 and a low of 0.003093, with a total volume of 316,508,940.0 and a notional turnover of ~$1.03 million during the 24-hour period. The price action reveals a strong bearish bias in the latter half of the session, following a sharp intraday recovery.

Structure and trend formation appear to highlight two key resistance levels: the 0.003321–0.003331 cluster and the 0.003376–0.003414 zone, both of which failed to hold during bearish retracements. A significant bearish engulfing candle emerged after the 15:00 ET high of 0.003424, indicating short-term bearish momentum. On the support side, the 0.003143–0.003161 range appears to have formed a temporary floor, but it lacks a strong bullish confirmation.

The 20- and 50-period moving averages on the 15-minute chart show a bearish crossover in the final hours, reinforcing the downward pressure. Meanwhile, the 200-period daily MA remains above the current price, suggesting the pair is still in a medium-term bearish phase. MACD appears to have diverged from price action, with bearish divergence evident during the late-day selloff. RSI reached overbought levels above 70 during the intraday high but fell rapidly into oversold territory, indicating a strong bearish correction.

Bollinger Bands expanded significantly during the 15:00–16:00 ET period, reflecting heightened volatility. Price moved from the upper band to the lower band in less than 90 minutes, confirming a sharp bearish impulse. Volume during this period was over 31.6 million, nearly double the average, signaling strong conviction in the move lower. This divergence between price and volatility suggests traders may be preparing for a potential reversal or a continuation if key support levels hold.

Fibonacci retracement levels applied to the 0.003093–0.003424 swing reveal the 61.8% level at ~0.003250 as a critical psychological barrier. The 38.2% level at ~0.003300 was briefly tested but failed to hold, indicating weak buying pressure at higher levels. Given the current price near the 0.003161 level, a 61.8% retracement could act as a potential target for a bearish continuation if the 0.003143–0.003161 support level breaks.

Backtest Hypothesis
A potential backtest strategy could involve using RSI overbought signals (RSI > 70) to identify shorting opportunities, with stop-loss placed above the 0.003321–0.003331 resistance cluster. Given the recent bearish divergence in the MACD and the high volume during the sell-off, a 3-day holding period with a target of 38.2%–61.8% Fibonacci levels could be tested. However, the lack of RSI data for this symbol in historical records highlights a need for either manual input or alternative strategy testing using volume and pattern-based signals instead.