Market Overview: Shentu/Tether (CTKUSDT) 24-Hour Analysis

Summary
• Shentu/Tether (CTKUSDT) closed near its 24-hour high, showing strong bullish momentum in the latter half of the session.
• Price tested and held above key support levels, with volume surging on upward moves.
• RSI near overbought territory suggests caution, but bulls remain in control with a bullish bias.

Shentu/Tether (CTKUSDT) opened at $0.2970 at 12:00 ET–1 and closed at $0.3001 by 12:00 ET, with a high of $0.3112 and a low of $0.2952. The 24-hour total volume was 3,564,308.7, with a notional turnover of approximately $1,087,460.

Structure & Formations

Price action in the 15-minute chart revealed a strong bullish bias after 19:45 ET, as a series of higher highs and higher lows emerged. Notable patterns included a bullish engulfing pattern around 21:00 ET and a morning star near $0.3052 on the 17:45–19:15 window. Key support levels held firm near $0.2980 and $0.2952, with the most recent resistance forming around $0.3050 and $0.3085.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages showed a strong bullish crossover in the evening session, reinforcing the uptrend. On the daily chart, the 50-period SMA crossed above the 100-period SMA, signaling a short-term bullish signal. The 200-period SMA remained a significant long-term resistance, currently around $0.3035.

MACD & RSI

The MACD showed a positive divergence in the final hours, with the histogram expanding to the upside after a period of consolidation. RSI reached overbought territory (above 70) around 03:45 ET and remained elevated, suggesting potential for a pullback or consolidation in the near term. However, bulls appear to be managing selling pressure, keeping the momentum intact.

Bollinger Bands

Volatility expanded significantly in the evening hours, with price reaching the upper band on multiple occasions. A contraction in the midday hours had given way to a breakout that led to the 24-hour high. Price remained near the upper Bollinger Band as of 12:00 ET, indicating strong bullish conviction.

Volume & Turnover

Volume spiked in the evening and early night hours, especially around 22:45 ET and 02:45 ET, confirming the bullish price action. Notional turnover also increased during these periods, aligning with the price moves. A divergence occurred in the early morning hours when volume dipped despite a slight price pullback, suggesting that the rally could still hold.

Fibonacci Retracements

Applying Fibonacci to the recent 15-minute move from $0.2952 to $0.3112, price found support at the 61.8% retracement level ($0.3018), which coincided with the 50-period MA. On the daily chart, retracements highlighted key levels at $0.3018, $0.3064, and $0.3112, with the latter acting as an overbought area.

Backtest Hypothesis

To test the robustness of the current bullish momentum, a 5-day holding back-test could be implemented, triggering long entries when the 20-period MA crosses above the 50-period MA and RSI is above 50. This would help validate whether the current trend is likely to continue or if a correction is imminent. The strategy would also incorporate a trailing stop-loss to manage downside risk, particularly as RSI approaches overbought levels.