Market Overview for Sky/Tether (SKYUSDT) – 2025-09-22

• Sky/Tether (SKYUSDT) dropped to a 24-hour low of $0.06415 before rallying, showing bearish momentum but mixed volume signals.
• A strong bearish trend emerged overnight, with price closing near the session low and RSI signaling oversold conditions.
• Volatility surged post-12:00 ET, with a 12% swing from $0.06688 to $0.06415, suggesting heightened short-term uncertainty.
• Bollinger Bands widened significantly, with the price fluctuating near the lower band, indicating a potential bounce.
• Volume spiked sharply post-6:00 ET ET, but diverged from price, hinting at weakening conviction in the recent sell-off.

Sky/Tether (SKYUSDT) opened at $0.07017 on 2025-09-21 at 12:00 ET and fell to a 24-hour low of $0.06415 before closing at $0.06509 on 2025-09-22 at 12:00 ET. The pair traded between $0.06415 and $0.07053 with a total volume of 129,168,603.0 and turnover of $8,762,634.19. The price action reflects a strong bearish trend, with a significant breakdown after 6:00 ET and a lack of follow-through buying pressure.

The structure of the 24-hour candlestick pattern reveals multiple bearish signals. A key support was identified at $0.06500, where the price found temporary buyers after a sharp decline. A bearish engulfing pattern emerged at 10:15 ET as the price closed below the prior candle’s body. A doji formed at 5:30 ET, signaling indecision. Resistance levels at $0.06800 and $0.07053 were decisively broken, reinforcing the bearish momentum.

A 20-period and 50-period moving average on the 15-minute chart showed the price below both lines, confirming the bearish bias. The 50-period moving average acted as dynamic resistance during the 5–7 AM ET window, with price failing to break above it. The 20-period MA declined sharply during the early morning, aligning with the price’s acceleration to the downside.

The RSI dropped below 30 after 4:00 ET, indicating oversold territory, but failed to generate a meaningful bounce. The MACD crossed below the signal line at 3:45 ET, confirming the bearish shift. The histogram remained negative for most of the session, with a narrowing divergence suggesting a potential pause in selling. Bollinger Bands widened significantly overnight, and the price spent time near the lower band, hinting at a potential bounce in the near term.

Volume spiked sharply between 6:00 and 8:00 ET, with turnover increasing as the price dropped below $0.06600. However, the volume failed to confirm the depth of the sell-off, showing divergence with the price action. This may indicate a lack of conviction in the bearish move or the possibility of accumulation at lower levels. Turnover remained elevated but fragmented, with no clear signs of large-scale accumulation.

Fibonacci retracements drawn from the swing high of $0.07053 to the low of $0.06415 placed key levels at $0.06777 (38.2%), $0.06651 (50%), and $0.06525 (61.8%). The 61.8% level at $0.06525 coincided with the 12:00 ET close, suggesting a potential consolidation zone. Traders may watch the 50% and 61.8% levels as possible bounce points in the coming 24 hours.