Market Overview for SKALE/Tether (SKLUSDT) – 2025-12-15

Summary
• Price formed bearish engulfing patterns and tested key support levels around $0.01124–0.01127.
• Momentum slowed in the RSI, showing signs of overbought conditions later in the session.
• Volatility expanded sharply after 15:00 ET, with large-volume sell-offs pushing price below key moving averages.
• Bollinger Bands showed a clear breakout on the downside, signaling heightened bearish pressure.
• Turnover spiked during the 15:00–17:00 ET window, coinciding with a sharp price decline.

Market Overview

SKALE/Tether (SKLUSDT) opened at $0.01141 at 12:00 ET-1 and closed at $0.01078 by 12:00 ET. The pair hit a high of $0.01159 and a low of $0.01075 during the 24-hour period. Total volume amounted to 37,960,592.0 tokens, with notional turnover reaching $426,395.66 based on the dataset.

Structure & Formations

Price exhibited bearish engulfing patterns following an initial rally to $0.01159 around 02:30 ET. Key support levels were retested multiple times, especially around $0.01124–0.01127, where several 5-minute candles formed indecision bars. A significant breakdown occurred after 15:00 ET, where price fell below both 20- and 50-period moving averages, confirming a bearish shift.

Moving Averages and Momentum

SKLUSDT traded below both 20- and 50-period moving averages for most of the session, signaling bearish bias. RSI peaked at overbought levels (~65–70) during the early rally but dropped sharply below 35 post-15:00 ET, indicating weakening bullish momentum.

MACD lines turned negative mid-session, reinforcing the bearish momentum shift.

Volatility and Bollinger Bands

Bollinger Band width increased after 15:00 ET as price moved decisively below the lower band, suggesting heightened volatility and bearish exhaustion. Prior to that, a period of consolidation was observed, with price hovering around the mid-band.

Volume and Turnover

Volume surged during the 15:00–17:00 ET window, with over 2.5 million tokens traded during the critical breakdown. Notional turnover spiked during this period as well, aligning with the sharp price drop.

Fibonacci Retracements

Key Fibonacci levels from the 0.01127–0.01159 swing were tested around 61.8% (~$0.01143) and 78.6% (~$0.01138). Price failed to hold these levels and moved lower, with the 0.01124–0.01127 range acting as a strong support zone.

Looking ahead, price may continue to test the $0.01075–0.01083 range as short-term support. A rebound above $0.01127 could trigger a retest of $0.01133–0.01137. Investors should monitor volatility and volume divergence closely, as these may signal reversal or continuation cues in the next 24 hours.