Market Overview for SKALE/Tether (SKLUSDT) on 2025-10-25

• Price dipped 0.66% over 24 hours, closing at 0.01825 after opening at 0.01826.
• Volatility expanded mid-day as price dropped to 0.01784 before recovering.
• RSI hit mid-range levels, suggesting a balanced momentum phase.
• Volume surged in late trading hours as price pushed higher.
• No major bullish or bearish candlestick patterns emerged during the session.

Opening and Closing Summary

SKALE/Tether (SKLUSDT) opened at 0.01826 on 2025-10-24 at 12:00 ET and closed at 0.01825 on 2025-10-25 at 12:00 ET. The 24-hour high was 0.01859 while the low was 0.01784. Total traded volume was 12,053,990 units with a notional turnover of approximately $219,000 (based on average price). Price action showed a late afternoon rebound after a mid-day sell-off.

Structure & Formations

The price structure for SKLUSDT suggests a key support area forming around 0.01784–0.01797, as this level was tested multiple times during the session without a strong follow-through break. A shallow bearish engulfing pattern emerged briefly around 19:30 ET (UTC+4), but buyers intervened to reclaim lost ground. No clear reversal patterns were confirmed at the session close. Price appears to be consolidating around the mid-range of the 24-hour range.

Moving Averages

On the 15-minute chart, the 20-period moving average was above price for most of the session, with price dipping below it at midday and later closing slightly above. The 50-period line acted as a temporary floor during the afternoon selloff. On the daily chart, the 50-period and 200-period lines are converging, suggesting a potential inflection point could be near. Price is currently hovering just above the 100-period line, indicating a mixed directional signal.

MACD & RSI

The 15-minute MACD showed a bearish crossover in the early afternoon, coinciding with the selloff, but a subsequent bullish divergence emerged late in the session as price rebounded. RSI reached a 38.2% retracement level before pulling back toward 50, indicating moderate momentum. These metrics suggest a possible consolidation phase rather than a directional breakout.

Bollinger Bands

Volatility expanded mid-day as price dropped to the lower Bollinger Band at 0.01784, before retracing to the middle band and hovering close to it for most of the session. This suggests a period of heightened fear, but no decisive breakouts. The contraction at the session close indicates a possible reversal or pause in directional momentum.

Volume & Turnover

Volume spiked in late trading hours, especially after 14:00 ET, coinciding with the price rebound. Notional turnover also increased during this period, validating the price move rather than signaling a divergence. The early afternoon selloff saw a moderate volume increase, but turnover was lower, which may suggest some profit-taking or stop-loss selling. However, volume and price action remained aligned overall.

Fibonacci Retracements

The 61.8% retracement level of the mid-day drop sat at around 0.01794, and price held above it for much of the day, indicating strong support. The 38.2% level (~0.01830) was approached in the late session, and price stalled near it, suggesting resistance. These levels could act as key decision points in the next 24 hours.

Backtest Hypothesis

A potential backtest strategy could focus on detecting a bullish engulfing pattern around key support levels. If such a pattern emerges near the 0.01784–0.01794 zone, it could signal a short-term reversal. The challenge lies in ensuring accurate pattern detection and confirming it with divergences in RSI and volume. Adjusting the query to a generic "candlestick_bullish_engulfing" endpoint or verifying the symbol format (e.g., "SKLUSDT.BINANCE") may improve data retrieval success. If successful, this could be used to time entries just above the engulfing pattern close, with stops below the prior swing low.