Market Overview: SKALE/Tether (SKLUSDT) 24-Hour Summary

Summary
• SKLUSDT formed a bullish engulfing pattern after 22:00 ET, suggesting possible reversal.
• RSI dropped below 30 early, signaling oversold conditions; buyers regained control by 21:00 ET.
• Volatility spiked during the 23:30–00:30 ET window, coinciding with a 1.2% price swing.
• Price remained within Bollinger Bands for most of the session, with mild contraction near 02:00 ET.
• Volume surged at 03:00 ET with a large bullish candle, confirming strength in the move toward 0.0106.

Opening and Key Price Action

SKALE/Tether (SKLUSDT) opened at 0.01051 at 12:00 ET − 1 and traded between 0.01035 and 0.01066 over the 24-hour period, closing at 0.0106 at 12:00 ET. Total volume reached 21,168,925.0, while notional turnover stood at 220,523.57, indicating increased liquidity during key price swings.

Structure & Momentum

The price action showed multiple key turning points, with the most notable bullish reversal forming between 22:00 and 22:15 ET, where a bullish engulfing pattern emerged. RSI confirmed oversold conditions early in the session and crossed back above 50 by 21:00 ET, aligning with the resumption of buying pressure. MACD showed a positive crossover near 20:00 ET, further supporting the bullish bias.

Volatility and Volume Patterns

Bollinger Bands remained in a moderate width for much of the session, with price staying within the band for over 80% of the time. A notable expansion occurred between 23:30 and 00:30 ET, driven by a sharp 1.2% move higher. Volume spiked at 03:00 ET with a large bullish candle forming on strong volume, indicating strong conviction among buyers.

Key Levels and Retracements

The 0.01055 level acted as a key psychological and technical support, with price rebounding multiple times. Fibonacci retracement levels of 61.8% (0.01057) and 78.6% (0.01061) appeared to offer temporary resistance and support, with price testing these levels several times. The 0.01066 high could serve as near-term resistance if the bullish momentum continues.

The market appears to have built a base with strong volume and price confirmation around key levels. If buyers hold 0.0106, a test of the 0.01065–0.01067 range could follow, but a pullback below 0.01053 could reintroduce caution for the next 24 hours. Investors should watch for a break above 0.01065 for further confirmation of bullish sentiment.