Market Overview for SKALE/Tether (SKLUSDT) on 2025-10-06

• • •

• SKLUSDT traded a 24-hour range of $0.02434–$0.02517, with bearish momentum early and a late rally into ET midday.
• Price found support near $0.02422–$0.02434, forming a consolidation base before a late-day rally.
• Volume spiked in the final 4–6 hours, coinciding with price recovery and above-average turnover.
• RSI suggested oversold conditions in the early part of the session, with recovery but not overbought.
• MACD showed a bearish crossover early, but a bullish divergence emerged in the final hours.

At 12:00 ET–1 on October 5, SKLUSDT opened at $0.02478, touched a low of $0.02434 and a high of $0.02517, and closed at $0.02488 by 12:00 ET on October 6. The 24-hour volume totaled 10,177,640.0 tokens, with a notional turnover of $255,764.71, reflecting increased activity in the final hours.

Structure & Formations

The 24-hour price action of SKLUSDT shows a distinct bearish start and gradual reversal. Early in the session, price tested and broke below the initial support zone at $0.0245–$0.0246, followed by a consolidation pattern between $0.02422–$0.02434. A bullish reversal appeared around 15:00 ET, with a strong upward move forming a potential bullish continuation pattern. A doji at $0.02465 (02:30 ET) and a large bullish candle from 05:00–06:00 ET (06:00 ET on October 6) signaled a possible short-term bottoming process.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were bearish early but began to flatten and cross near the $0.0246–$0.0247 level as bullish momentum returned. The 50-period MA appears to now support price rather than act as a barrier. On the daily chart, the 50-period MA remains below the 200-period MA, indicating a broader bearish bias but with short-term reversal signals.

MACD & RSI

The MACD crossed bearishly early in the session but reversed into a bullish divergence by 11:00 ET on October 6, aligning with the price recovery. RSI hit oversold territory below 30 before 08:00 ET, rebounding to a midrange of ~45–50, suggesting moderate buying pressure but not overbought levels. While RSI did not enter overbought territory, its recovery implies a potential reversal was supported by market sentiment.

Bollinger Bands

Volatility expanded as price moved from the lower band (near $0.02422) to the upper band (~$0.02517) in the final 6 hours of the session. This expansion signaled increased participation. Price has closed near the upper band in recent candles, indicating elevated optimism and potential for a pullback or consolidation into the next session.

Volume & Turnover

Volume remained below average until the last 6–8 hours, where it spiked to over 1.2 million tokens per hour, coinciding with the late rally. Notional turnover also showed a sharp increase, suggesting strong conviction in the upward move. No significant divergence was observed between price and volume, which supports the validity of the reversal.

Fibonacci Retracements

Applying Fibonacci to the major swing from $0.02434–$0.02517, price found support at the 61.8% retracement level at $0.02480, aligning with the 12:00 ET close of the session. A potential target for the next leg could be the 78.6% level at $0.02494 if the bullish trend continues.

Backtest Hypothesis

A potential backtesting strategy could involve a breakout system that enters long on a close above the 61.8% Fibonacci level, confirmed by a bullish MACD crossover and rising volume. Exit would be on a retest of that level with bearish divergence on the RSI. This setup aligns with the late-day rally and could be backtested over similar 15-minute swing patterns in SKLUSDT. Such a strategy might capture short-term momentum while mitigating risk with tight stop-loss levels near the 50-period MA.