Market Overview for SKALE/Tether (SKLUSDT) on 2025-09-17

• Price closed near the 15-minute low after a consolidation phase.
• RSI suggests a bearish momentum bias with a reading below 50.
• Volatility increased in early morning ET, but volume failed to confirm a breakout.
• Bollinger Bands constricted midday before price broke down.
• Turnover surged during the 0200–0500 ET window, indicating renewed short-term interest.

SKALE/Tether (SKLUSDT) opened at 0.02762 on 2025-09-16 and reached a high of 0.02795 before closing at 0.02744 by 12:00 ET on 2025-09-17. The 24-hour volume was 48,240,760.0 with a total turnover of approximately $1,329,607.20 (0.02744 × 48,240,760.0).

Structure & Formations

Over the past 24 hours, SKLUSDT formed a key resistance zone between 0.02775 and 0.02795, which failed to hold as price broke down into a support cluster around 0.02744–0.0275. A bearish engulfing pattern emerged in the 0000–0015 ET period, followed by a doji at 0545 ET that confirmed weakening momentum. The price may test the next support level at 0.02721, which coincides with a recent low from 0930 ET.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages have been bearish, with the 50-period MA sitting just above the 24-hour closing price. On the daily chart, the 50-period MA appears to act as a resistance at ~0.0280, while the 200-period MA provides a strong bearish bias, indicating the trend remains in favor of the sellers.

MACD & RSI

The MACD showed a bearish crossover in early morning ET, with the histogram shrinking as momentum waned. The RSI has declined into the 40–45 range, indicating oversold conditions are not yet triggered but a bearish bias remains. A rebound above 50 is unlikely in the next 24 hours without a strong volume signal.

Bollinger Bands

Volatility expanded during the early morning trading session, pushing the price toward the lower band as the bands widened. The constricted bands from the previous evening likely signaled a period of consolidation, followed by a breakdown that confirmed bearish expectations.

Volume & Turnover

Volume spiked between 0200–0500 ET, with the highest volume at 0200–0215 ET (2.92M), coinciding with a breakdown to 0.02726. However, volume dropped afterward, indicating weak follow-through. Total turnover surged in the same period, but the price failed to make a higher low after the 0200 ET volume spike, raising concerns about divergences and a lack of conviction in the move.

Fibonacci Retracements

Applying Fibonacci retracement levels to the 0.0274–0.02795 swing, the 0.02763 level marked a 38.2% retracement and failed to hold, while the 61.8% level at 0.02768 also acted as a minor resistance. On the daily chart, the 61.8% retracement of the broader bearish move lies near 0.0273, which could be tested next if volume supports the move.

Backtest Hypothesis

The backtest strategy description provided will be integrated here, assuming it involves a 15-minute timeframe with a focus on RSI and volume confirmation. A potential backtest hypothesis could involve entering a short trade when RSI drops below 50 and volume exceeds the 15-period average, with a stop-loss above the 20-period MA. This aligns with today’s data, where the bearish RSI crossover and high-volume breakdown occurred.