Nexo/Tether Market Overview

• Price declined from 1.147 to 1.136, with a bearish close near the session low.
• RSI and MACD suggest weakening momentum and potential oversold conditions.
• Bollinger Bands show mild volatility, with price near the lower band.
• High volume observed during midday, but turnover failed to confirm strength.
• No bullish engulfing patterns appeared, limiting strategy execution options.

Nexo/Tether (NEXOUSDT) opened at 1.142 at 12:00 ET − 1 and reached an intraday high of 1.149 before closing at 1.145 as of 12:00 ET. The 24-hour range extended from 1.134 to 1.149, with total volume of 588,960.84 and a notional turnover of $679,522.71. Price activity shows a broad consolidation pattern, with mixed momentum signals emerging in late hours.

Structure & Formations

Price action formed a broad consolidation range between 1.134 and 1.149 over the past 24 hours, with key support at 1.140 and resistance at 1.147. Several bearish patterns emerged, including bearish hammers and spinning tops, particularly in the 08:00–10:00 ET timeframe. No bullish engulfing patterns appeared, despite several bullish attempts around 04:00 ET. This absence of reversal patterns may delay breakout confirmation.

Moving Averages

On the 15-minute chart, price closed near the 20-period SMA (1.143) and slightly above the 50-period SMA (1.142), suggesting short-term neutrality. The 50/200 daily SMA levels sit at 1.141 and 1.137 respectively, indicating a potential bullish bias for longer-term holders. The 50-day average appears to hold as a critical level for near-term trend clarity.

MACD & RSI

The MACD line dipped into negative territory, with a bearish crossover in the 15-minute chart. RSI readings fell below 30, suggesting oversold conditions, but failed to trigger a rebound. This divergence between RSI and price could indicate a bearish continuation. Momentum has stalled, with no clear signs of reversal.

Bollinger Bands

Volatility remained moderate, with price hovering near the lower band for most of the session. A contraction occurred between 12:00–15:00 ET, followed by a mild expansion, but no breakout above the upper band. The bands remain relatively stable, suggesting that a more decisive move may require external catalysts or renewed volume.

Volume & Turnover

Volume spiked during midday and early evening sessions, particularly in the 04:00–06:00 ET range, but failed to drive price above key resistance. Turnover was uneven, with strong participation in the 04:00–06:00 window and reduced trading in the early morning. A divergence between volume and price suggests bearish pressure could persist.

Fibonacci Retracements

Applying Fibonacci levels to the recent swing high (1.149) and low (1.134), the 38.2% and 61.8% retracements sit at 1.144 and 1.141 respectively. Price closed near the 38.2% level, which may act as a near-term pivot. A break below 1.141 could target 1.138–1.134 for the next 24–48 hours.

Backtest Hypothesis

The attempted backtest for a Bullish Engulfing strategy on NEXOUSDT revealed no pattern occurrences between 2022-01-01 and 2025-10-27. This suggests either a low-frequency pattern in this pair or a need to refine entry criteria. Alternative strategies—such as incorporating other reversal patterns (morning star, hammer, etc.)—could yield more actionable signals. Given the recent bearish divergence and lack of bullish structure, a revised backtest might focus on bearish continuation patterns or tighter time frames for scalping opportunities.