Nexo/Tether USDt (NEXOUSDT) Market Overview

• Price dropped to 1.273 early morning, then recovered to 1.289 by 15:00 ET.
• MACD and RSI show fading momentum with no overbought or oversold conditions.
• Volume spiked after 00:15 ET, followed by consolidation in a 1.274–1.291 range.
• Bollinger Bands indicate reduced volatility with price near the mid-band.
• 15-minute chart shows bearish engulfing patterns in early morning and bullish reversal patterns post 15:00 ET.

Nexo/Tether USDt (NEXOUSDT) opened at 1.288 on 2025-09-05 at 12:00 ET and closed at 1.278 on 2025-09-06 at 12:00 ET. The 24-hour high reached 1.315, while the low dropped to 1.273. Total volume amounted to 533,798.41, and notional turnover was 668,856.09 (volume * close).

Structure & Formations

The 15-minute OHLCV shows a bearish engulfing pattern at 1.274–1.279 early in the morning and a bullish reversal at 1.277–1.289 in the afternoon. A key support level is forming near 1.274–1.276, which has held multiple times. Resistance appears to be in the 1.288–1.290 range. A doji formed near 1.275 around 04:30 ET, signaling indecision in sentiment.

Moving Averages and Momentum

The 20-period moving average is at 1.281, and the 50-period MA at 1.277, suggesting a slightly bearish bias on the 15-minute chart. On the daily scale, the 50-MA is near 1.280 and the 200-MA at 1.275, indicating a neutral to bearish bias. The MACD remains below zero with a weak histogram, while the RSI is consolidating around 49–53, signaling no strong momentum.

Bollinger Bands and Volatility

Bollinger Bands show a recent contraction following the 00:15 ET spike, with price oscillating near the mid-band. The 1.274–1.289 range is well within the 15-minute bands, indicating moderate volatility. A potential breakout could see volatility expand, but current positioning is neutral.

Volume and Turnover

Volume spiked sharply at 00:15 ET (94,449.53 units) as price surged to 1.315. However, the large volume did not lead to a strong follow-through, suggesting a rejection at that level. Turnover and volume remain positively correlated, though a divergence appears in the early morning as price declined with diminishing volume. Post-15:00 ET, volume increased again, coinciding with the 1.277–1.289 rebound.

Fibonacci Retracements

Fibonacci levels on the recent 1.273–1.315 move show 38.2% at 1.297 and 61.8% at 1.283. Price has bounced near the 61.8% level twice in the last 6 hours, suggesting it could act as a dynamic support. On the daily chart, retracement levels from the 1.275–1.315 move are at 1.292 (38.2%) and 1.280 (61.8%), where price has tested in the last 12 hours.

Backtest Hypothesis

A potential backtest strategy involves entering long positions when price retests the 61.8% Fibonacci level (1.283) with a 1.5% stop loss and 3% take profit, provided the 15-minute RSI is above 45 and volume is increasing. Conversely, shorting opportunities may arise if price breaks below 1.274 with confirmation from a bearish engulfing pattern and a 50-period MA crossover. These conditions align with recent price behavior and appear to offer risk-reward ratios of 1:2 to 1:3.