Market Overview for SKALE/Tether (SKLUSDT): 24-Hour Summary (2025-10-08 to 2025-10-09)

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• Price action shows a bearish bias with a 0.02479 high turning into 0.0233 low, signaling a significant short-term decline.
• Momentum weakened through the day, with RSI trending into oversold territory, suggesting a possible bounce.
• Volume surged during the 170000–180000 ET session, but no clear price confirmation followed, indicating uncertainty.
• Volatility widened through Bollinger Band expansion, with price staying below the 20-period moving average.
• Turnover peaked during the midday slump, but volume and price action diverged, suggesting bearish exhaustion.

At 12:00 ET on October 9, 2025, SKALE/Tether (SKLUSDT) opened at $0.02399, hit a high of $0.02517, dropped to a low of $0.02313, and closed at $0.0233. The 24-hour total volume was 46.44 million SKL, with a notional turnover of $1,138,000.

The structure of the 24-hour candlestick chart reveals a strong bearish bias. Price broke below key support levels during the early afternoon ET, forming a bearish engulfing pattern from 170000 to 171500, followed by a shooting star at 173000. A bearish harami emerged at 184500–190000, confirming continued sell pressure. The 20-period moving average on the 15-minute chart held above price for most of the session, while the 50-period MA crossed below, confirming the shift in trend.

On the MACD histogram, bearish momentum intensified after 170000, with a strong negative divergence in the final three hours. RSI dropped into oversold territory (below 30) by the 140000–150000 period, suggesting the potential for a rebound. However, Bollinger Bands showed a wide expansion, indicating heightened volatility. Price closed near the lower band, indicating potential for a bounce unless further bearish catalysts emerge.

Volume and turnover were highest during the midday slump, with the 170000–180000 period seeing over 10 million SKL traded. However, despite the volume spike, price failed to retest the high of the 170000 candle, suggesting bearish exhaustion. A Fibonacci 61.8% retracement level at $0.0234 may act as a key short-term support. If price holds here, a countertrend rally to the 38.2% retracement at $0.0239 may follow.

Backtest Hypothesis
A potential strategy for SKLUSDT is to enter a short position on a bearish engulfing pattern confirmed by a close below the 20-period moving average and RSI dropping below 50. Stops can be placed above the high of the engulfing pattern, while targets align with key Fibonacci levels. A long entry could be triggered if RSI rebounds above 50 with volume confirmation and a close above the 20-period MA. A 1:1 risk-to-reward ratio is recommended. This approach aligns with the observed price behavior and volatility, offering a clear, data-driven entry/exit framework for the next 24–48 hours.

The near-term outlook for SKLUSDT is bearish in the immediate term but with potential for a countertrend bounce if RSI remains oversold and volume shows signs of reversing. However, a retest of the $0.02313 low is a risk if bearish momentum resumes. Investors should closely monitor the 20-period MA and key Fibonacci levels for directional clues over the next 24 hours.