Market Overview for SKALE/Tether (SKLUSDT) on 2025-11-04

Summary• Price declined from 0.01641 to 0.01605 in 24 hours amid bearish momentum.• RSI entered oversold territory, suggesting potential for a bounce or consolidation.• Bollinger Bands show a moderate contraction, indicating reduced volatility.

Opening at 0.01624 at 12:00 ET–1, SKALE/Tether (SKLUSDT) traded as high as 0.01641 and as low as 0.01551 before closing at 0.01605 by 12:00 ET. The total volume for the 24-hour window amounted to 101,346,375.0 with a notional turnover of $1,623,469. The price action shows a clear bearish bias, with momentum indicators hinting at potential for a short-term bounce.

Structure and form on the 15-minute chart reveal key resistance near 0.01641 and support at 0.0159. A hanging man pattern at 0.01622 suggests potential for a reversal, though bearish continuation seems likely. The 20-period and 50-period moving averages have converged near 0.0161, with the price currently below both, reinforcing the bearish bias. A test of 0.0159 could confirm a short-term bottom.

MACD shows negative divergence with a bearish crossover in the last four hours, while RSI has fallen below 30, entering oversold territory. This could either signal exhaustion or a temporary floor for price. Bollinger Bands have recently contracted, which often precedes a breakout. Price has spent much of the session inside the lower band, pointing to a low-volatility environment that may soon break.

Volume was relatively muted in the latter half of the session but picked up during the 0.01551–0.01575 consolidation phase. Turnover spiked during the early decline, reinforcing the bearish narrative. Divergence between price and volume isn’t pronounced, suggesting the move is supported by genuine selling pressure. A retest of 0.0159 may trigger a rebound or further capitulation, depending on market sentiment.

Fibonacci retracements applied to the 0.01641–0.01551 swing show key levels at 0.01618 (38.2%) and 0.01589 (61.8%). A bounce from 0.0159 could test the 38.2% level as a short-term pivot. On the daily chart, these retracements align with existing support clusters, suggesting potential consolidation if the 0.0159 level holds.

Backtest Hypothesis
For a potential RSI-oversold backtest on SKLUSDT, using the default parameters (RSI(14) < 30 as entry, RSI > 50 as exit, close prices) could offer insights into short-term trading opportunities in highly volatile assets. Given the recent bearish trend and oversold RSI reading, such a strategy may offer a favorable risk-rebalance point. However, the high volatility and low liquidity in SKLUSDT may increase slippage risk. Additional risk controls, such as a 5% stop-loss, would be prudent for a live implementation.