Market Overview: Shentu/Tether USDt (CTKUSDT) 24-Hour Technical Summary

• Price surged from $0.3344 to $0.3605 before consolidating near $0.343–$0.346.
• Momentum accelerated early in the session, with RSI peaking near overbought levels before diverging.
• Volatility expanded in early hours; Bollinger Bands stretched to widest levels of the 24-hour period.
• Notable volume surges occurred during the 0245–0645 ET window, coinciding with sharp price swings.
• Fibonacci retracement levels at 0.343–0.347 and 0.350–0.355 appear to be key short-term supports and resistances.

Shentu/Tether USDt (CTKUSDT) opened at $0.3344 at 12:00 ET − 1 and surged to a high of $0.3605 before consolidating near $0.3467 at 12:00 ET. The pair closed at $0.3467, with total volume of 1,406,543.3 and turnover of $493,253.20. The 24-hour price action shows a volatile rally followed by profit-taking pressure.

Structure & Formations

Price advanced from a 24-hour low of $0.3344 to a high of $0.3605, forming a bullish impulse phase followed by a bearish reversal phase. A bearish engulfing pattern developed at $0.3604–0.3597 and confirmed a short-term top. A long-legged doji at $0.3574 and a spinning top at $0.3544 signaled indecision and potential reversal.

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Support levels are now consolidating at $0.3448 (initial floor), $0.3430 (Fibonacci 61.8%), and $0.3374 (prior low). Resistance is expected at $0.3505 (50% Fib), $0.3530 (bullish pivot), and $0.3562 (recent high).

Moving Averages

On the 15-minute chart, price briefly pierced above the 20SMA but closed below the 50SMA. The 20/50 crossover failed to confirm a bullish bias. On the daily chart, the 50DMA and 100DMA are converging, indicating a possible short-term mean-reversion scenario.

MACD & RSI

The MACD line surged in the early hours, confirming bullish momentum before crossing below the signal line, indicating fading strength. RSI peaked at ~75 near $0.3605, signaling overbought conditions. A bearish divergence formed between price and RSI as price dipped lower while RSI remained flat, suggesting bearish momentum.

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Bollinger Bands

Volatility expanded in the 0245–0645 ET window as Bollinger Bands stretched to their widest levels. Price spent most of the session in the upper half of the band during the bullish phase and recently reentered the lower half of the band. A contraction phase is expected if price trades within the midline.

Volume & Turnover

The highest volume spike occurred at $0.3588, where 224,297.6 units were traded. Notional turnover peaked at $0.3438–0.3403 with $121,648.40 in turnover. Volume and price aligned during the early rally, confirming bullish sentiment, but diverged during the consolidation phase, suggesting exhaustion.

Fibonacci Retracements

The recent 0.3344–0.3605 swing shows key retracement levels at $0.3430 (61.8%), $0.3467 (close), and $0.3505 (38.2%). A break of $0.3430 may target $0.3374, while a retest of $0.3505 may trigger further consolidation or a rebound.

Backtest Hypothesis

A potential backtest strategy could involve using the 50SMA and RSI divergence to trigger sell signals when price peaks above the 50SMA and RSI enters overbought territory with a bearish divergence. A stop-loss could be placed just below key support at $0.3448, with a target of $0.3374. Conversely, a buy signal could be triggered on a retest of $0.3448–0.3467 with bullish RSI divergence and a closing above the 50SMA.

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