Market Overview for SKALE/Tether (SKLUSDT) – 24-Hour Technical Summary

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• Price surged 30% from 0.0181 to 0.02346 on 15-minute chart, driven by volume spikes post 22:15 ET.
• Bullish engulfing and breakout patterns emerged around 0.0192–0.0208, suggesting strong near-term support.
• Relative volume spiked by over 200% in the 06:00–08:00 ET window, confirming a key rally.
• RSI overbought at 70+ twice, followed by pullbacks, indicating possible short-term corrections.
• Bollinger Bands widened by ~40% during peak volatility, signaling heightened uncertainty.

SKALE/Tether (SKLUSDT) opened at 0.0181 on 2025-10-11 at 12:00 ET and closed at 0.02118 on 2025-10-12 at 12:00 ET, reaching a high of 0.02347 and a low of 0.01728. The total volume traded was approximately 525,446,659.0 SKL, with a total turnover of $9,689,105. The pair displayed a strong bullish bias, especially from 22:15 ET onward, where price surged above 0.022 and found support at 0.0208.

Structure and formations show a key support cluster at 0.0192–0.0197 and resistance at 0.0215–0.0225. A bullish engulfing pattern formed at 0.0192, followed by a breakout above the 0.0205–0.0210 consolidation. A hanging man pattern appeared near 0.02347, hinting at a possible near-term consolidation. The Bollinger Bands widened significantly during the peak rally, and price traded near the upper band before pulling back. Volatility spiked to ~0.0063 from ~0.0017, a 370% increase.

Moving averages showed a clear bullish crossover. On the 15-minute chart, the 20SMA crossed above the 50SMA, and on the daily chart, the 50DMA crossed above the 100DMA. The 200DMA remained below the current price, indicating a potential long-term uptrend. The MACD line crossed into positive territory from 05:30 ET, confirming bullish momentum. RSI reached overbought levels (70+) around 06:15 and 08:15 ET, but did not confirm a sell-off, suggesting strong buying pressure.

Fibonacci retracements applied to the 0.01728–0.02347 swing highlight key levels: 38.2% at 0.02118 (current close) and 61.8% at 0.01995. The price bounced off the 61.8% level twice, suggesting it may act as a dynamic support/resistance zone. Notional turnover increased dramatically during the rally, confirming the price action.

The backtest strategy involves entering a long position when the 20SMA crosses above the 50SMA on the 15-minute chart, with a stop-loss placed below the 20SMA and a take-profit at the 61.8% Fibonacci level. This strategy would have been triggered around 05:30–06:00 ET and would have captured the rally to 0.02347. A trailing stop could be used once the target is achieved. Historical data from the 24-hour window supports this setup, with volume and MACD divergence confirming the bullish signal.