Market Overview for Shentu/Tether (CTKUSDT) – 2025-10-04

• Shentu/Tether (CTKUSDT) traded in a tight range, with a 24-hour high of $0.369 and a low of $0.353.
• Price closed at $0.3574, down from the prior day’s open at $0.3611, signaling bearish momentum.
• Volume and turnover remain elevated in the latter half of the 24-hour window, indicating increased selling pressure.
• A 15-minute bearish engulfing pattern appeared at $0.364–$0.362, confirming a short-term reversal.
• RSI entered oversold territory, suggesting potential short-term buying interest may emerge.

The 24-hour period for Shentu/Tether (CTKUSDT) began with an open at $0.3611 and reached an intraday high of $0.369 before declining to a low of $0.353, ending the period at $0.3574. Total volume amounted to 961,151.0 units traded, with a notional turnover of $328,040.6. The price action revealed a strong downward bias, with a sharp drop occurring after the 15-minute candle at 17:15 ET.

Structure & Formations

The price tested key resistance at $0.369 during the afternoon hours and subsequently failed to hold above $0.365, leading to a gradual descent. A bearish engulfing pattern formed at $0.364–$0.362, confirming the bearish sentiment. Notably, a doji appeared at $0.3625, signaling potential exhaustion in the downward move. Support levels at $0.358 and $0.356 were tested multiple times, showing some consolidation before a potential rebound. The 15-minute chart displayed a descending triangle pattern, with the price breaking below the lower boundary late in the session.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages showed a bearish crossover, reinforcing the downward trend. On the daily chart, the 50-period MA crossed below the 200-period MA, indicating a potential long-term bearish phase. The price remained below all key moving averages, suggesting a continuation of the downtrend for now.

MACD & RSI

The MACD crossed into negative territory with a bearish histogram, reinforcing the selling pressure. RSI dropped into oversold territory below 30, hinting at a potential short-term bounce. However, divergence between the RSI and price action in the last four hours suggests caution, as oversold readings have not yet led to a reversal.

Bollinger Bands

Volatility increased in the latter half of the 24-hour period, with the upper and lower bands widening significantly. Price spent much of the session near the lower Bollinger Band, indicating oversold conditions. A potential bounce off the lower band was observed, but with volume and momentum still bearish, a sustained reversal remains uncertain.

Volume & Turnover

Volume surged after 17:15 ET, coinciding with the sharp decline in price, confirming bearish sentiment. Turnover spiked from $12,000 to over $60,000 during this period, indicating increased selling pressure. However, as the session progressed, volume and turnover declined, suggesting that the move may be losing steam. Price and turnover aligned during the bearish move but diverged in the final hour, pointing to mixed signals.

Fibonacci Retracements

On the 15-minute chart, the recent bearish move from $0.369 to $0.353 retraced to the 38.2% level at $0.362, where the price stalled. On the daily chart, the key 61.8% retracement level for the larger bullish move is near $0.346, suggesting a potential target for further downside if the trend continues.

Backtest Hypothesis

A potential backtesting strategy could focus on identifying bearish engulfing patterns on the 15-minute chart when RSI is above 70, followed by a bearish breakout below the 20-period moving average. A stop-loss could be placed above the recent swing high, while a take-profit target would be the 1.618 Fibonacci extension of the bearish move. This approach would aim to capture short-term bearish momentum with clear risk management. Given the recent divergence between RSI and price, it may be prudent to wait for a retest of key support before entering short positions.