Market Overview for SKALE/Tether (SKLUSDT) – 2025-11-08

• SKLUSDT surged to a 24-hour high of $0.01911 before retracing toward $0.0177.
• High-volume move at $0.018–$0.0185 suggests institutional participation.
• RSI and MACD show fading momentum as price consolidates near key support.

The SKALE/Tether (SKLUSDT) pair opened at $0.01683 on 2025-11-07 12:00 ET and surged to a high of $0.01911 by 21:30 ET, before retreating to close at $0.0177 at 12:00 ET on 2025-11-08. The 24-hour period saw a total volume of approximately 100.87 million tokens, with $17.76 million in notional turnover.

Structure & Formations

The 15-minute chart displayed a strong bullish impulsion from $0.0184 to $0.01911, followed by a bearish reversal. Key resistance appears to form around $0.0185–$0.0186, with support likely holding near $0.0177–$0.0178. A bearish engulfing pattern emerged after the $0.01911 high, signaling a possible reversal in momentum.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed below the price during the retracement, confirming short-term bearish bias. Daily moving averages suggest longer-term bullish bias, with the 50-day MA acting as a strong support level.

MACD & RSI

The MACD turned negative after the $0.01911 peak, with a bearish crossover and shrinking histogram. RSI, while not reaching overbought territory, declined from 70 to 50, indicating fading momentum. Price appears to be consolidating into oversold territory, with RSI hovering near 45, which may signal a potential rebound.

Bollinger Bands

Volatility expanded during the bull run but has since contracted, with the price currently hovering near the lower band. A test of the upper band at $0.0185–$0.0186 could offer a breakout or breakdown scenario, depending on volume confirmation.

Volume & Turnover

Volume spiked significantly during the $0.018–$0.01911 rally, reaching a peak at $0.01809, where 21.38 million tokens were traded. However, volume dropped sharply after the high, suggesting exhaustion. Turnover during the rally was $3.42 million, while the subsequent pullback saw $1.35 million in turnover—confirming a bearish divergence in volume.

Fibonacci Retracements

The $0.01809–$0.01911 move aligns with 61.8% and 78.6% retracement levels, which are now acting as resistance. A breakdown below $0.0177 (38.2% retracement of the prior rally) could target $0.01745–$0.0175.

Backtest Hypothesis

The provided strategy seeks to identify SKLUSDT in a bullish impulsive phase using volume and RSI divergence as confirmation. A potential entry could be triggered on a close above $0.01809 with volume exceeding 5 million tokens and RSI above 50. A stop-loss could be placed at $0.0177 to protect against bearish exhaustion, with a target near $0.0185. Given the recent bearish reversal and fading momentum, this strategy may require a wait for a confirmed breakout to avoid false signals from the current consolidation.