Market Overview for Shentu/Tether (CTKUSDT): Volatile 24-Hour Range with Strong Sell Pressure

• Shentu/Tether (CTKUSDT) traded in a range-bound pattern with a slight bearish bias after a sharp intraday selloff.
• Price tested key support near $0.328–0.330 and rejected a rebound above $0.335, signaling mixed momentum.
• High volume and notional turnover emerged during the sharp decline from $0.337 to $0.328, indicating increased short-term activity.
• RSI remained below overbought levels, and MACD showed bearish divergence, hinting at potential for further correction.

At 12:00 ET–1 on 2025-09-16, Shentu/Tether (CTKUSDT) opened at $0.3319, reaching a high of $0.3376 before closing at $0.3274 on 2025-09-17 at 12:00 ET. The 24-hour period saw a low of $0.3261, total volume of 1,543,545.0, and notional turnover of $495,693.83. The price remains within a tight range, but increased volatility and volume suggest a potential for a directional breakout.

Structure & Formations

The price formed a bearish rejection pattern at $0.335–0.337, where it failed to hold and collapsed toward $0.328–0.330, a recent support cluster. A long lower shadow appeared during the candle at $0.3352 on 2025-09-17 02:00:00, indicating rejection. A doji formed at $0.3352 on 09:45 ET, suggesting indecision. The price remains in a tight range, but key resistances near $0.335 and support near $0.328–0.330 may govern the next 24–48 hours.

Moving Averages

On the 15-minute chart, the price remains below the 20-period and 50-period moving averages, which have acted as overhead resistance. The 50-period MA has flattened near $0.3345, while the 20-period MA remains lower. On the daily chart, the price is below both the 50-period and 200-period MAs, reinforcing the bearish bias.

MACD & RSI

The 15-minute MACD line turned bearish after a brief positive divergence near $0.336. RSI remains in neutral territory but has not shown overbought conditions, suggesting a lack of immediate short-term exhaustion. The MACD histogram has been shrinking in the bearish zone, indicating a potential consolidation or reversal could follow.

Bollinger Bands

Price activity has remained within a narrow Bollinger Band range for most of the 24 hours, with volatility increasing during the selloff. The most recent candle at $0.3274 on 10:15 ET closed near the lower band, suggesting a temporary oversold condition. A significant expansion or contraction in band width could precede a breakout or reversal.

Volume & Turnover

Volume spiked during the decline from $0.337 to $0.328, particularly on the candle closing at $0.3284 on 02:45 ET, which saw a volume of 175,096.6 and turnover of $57,857.3. This confirms bearish conviction. Volume has since declined, indicating some exhaustion or hesitation on the short side. A reversal may require an increase in buying volume to confirm a bullish recovery.

Fibonacci Retracements

Applying Fibonacci retracement to the recent high of $0.3376 and the low of $0.3261, key levels at 38.2% ($0.3332) and 61.8% ($0.3290) are critical. The price has tested and bounced off the 61.8% level, which now acts as immediate support. A break below this level could accelerate the decline toward $0.325, while a rebound above $0.3332 could signal a continuation of the consolidation phase.

Backtest Hypothesis

The provided backtesting strategy involves identifying a bearish breakdown when price closes below a 20-period MA on the 15-minute chart and volume increases by 30% above the 24-hour average. This condition was confirmed on multiple occasions during the selloff from $0.337 to $0.328. A successful exit is triggered when price breaks above the 20-period MA with a positive volume divergence. The strategy appears to align with the observed structure and could provide a reliable framework for managing short-term bearish setups in range-bound environments like the one observed for Shentu/Tether.