Market Overview: SKALE Tether Pair Gains Momentum Amid Rising Volatility

Summary
• Price surged past 0.0104 with bullish momentum, finding initial resistance at 0.0105.
• Volume spiked during the final 6 hours, confirming the upward bias.
• RSI climbed into overbought territory, while MACD maintained positive divergence.
• Bollinger Bands expanded sharply, signaling elevated volatility.
• A large bullish engulfing pattern formed near the high of the 24-hour period.

SKALE/Tether (SKLUSDT) opened at 0.01014 on 2026-01-01 12:00 ET, reached a high of 0.01062, and closed at 0.01061 on 2026-01-02 12:00 ET, with a low of 0.01012. The total volume was 71.5 million, and notional turnover amounted to $73,229.

Structure & Formations

Price formed a strong bullish engulfing pattern in the final candle of the 24-hour window, confirming a breakout above key resistance at 0.0104. A series of higher highs and lower lows in the second half of the day suggests accumulation and potential continuation. Key support levels at 0.01035 and 0.01025 appear critical for near-term stability.

Moving Averages and Momentum

On the 5-minute chart, the 20-period MA crossed above the 50-period MA around 0.01035, signaling short-term bullish momentum. RSI pushed above 70 toward the close, indicating overbought conditions, while the MACD remained in positive territory with a widening histogram, suggesting sustained upward pressure.

Volatility and Bollinger Bands

Bollinger Bands expanded significantly during the final 4 hours, reflecting increased volatility. Price consistently traded near the upper band, indicating strength and elevated bullish conviction. A period of consolidation could follow, offering a potential retest of key resistance.

Volume and Turnover

Volume surged during the 5–9 AM ET window and remained elevated through the close, with the highest turnover occurring in the final 3 hours. Price and turnover moved in alignment, confirming the bullish breakout.

Fibonacci and Retracement Levels

Fibonacci retracements on the key 0.01012–0.01062 swing show 0.01048 as the 61.8% level, which now acts as a near-term resistance. A pullback to 0.01038 (38.2%) would test buying interest before a possible reacceleration.

The market appears to be in a strong upward phase, supported by rising volume and technical confirmation. However, a pullback to test key support at 0.01035–0.01025 could be imminent. Investors should remain cautious about potential consolidation or profit-taking in the next 24 hours.