Market Overview: SKALE/Tether (SKLUSDT) – 24-Hour Technical Breakdown

• Price rose from $0.02417 to $0.02528, driven by afternoon ET breakouts and high volume.
• Bullish momentum strengthened post-09:00 ET with RSI reaching overbought levels.
• Volatility expanded through Bollinger Bands, with key resistance at $0.02528–$0.02537.
• Dips in late ET saw consolidation near 38.2% Fibonacci, showing potential support.
• Volume surged during the morning breakout, confirming bullish price action.

SKALE/Tether (SKLUSDT) opened at $0.02417 on 2025-09-30 at 12:00 ET and closed at $0.02522 on 2025-10-01 at 12:00 ET, with a high of $0.02529 and a low of $0.02417. Total volume amounted to 53,822,299.0 and total turnover reached $1,363,477.30, indicating strong participation. The pair formed a bullish continuation pattern with key support levels at $0.02434–$0.02428 and resistance at $0.02528–$0.02537.

The 15-minute chart shows SKLUSDT piercing key resistance levels starting from 09:00 ET onward. A large bullish engulfing candle confirmed the breakout around $0.02487, followed by a sharp rally toward $0.02529. The price remained above the 20 and 50-period moving averages during the late morning, suggesting strong short-term bullish momentum. A morning consolidation phase between 02:00–08:00 ET saw the formation of a broadening pattern, but volume during this phase was moderate, indicating a lack of conviction.

RSI reached overbought levels above 70 at 09:30 ET and remained elevated for two hours, confirming strong upside momentum. MACD crossed into positive territory with a strong histogram expansion, aligning with the price breakout. Volatility spiked as measured by the Bollinger Bands, with the price moving beyond the upper band after the 09:45 ET candle. The 20-period MA acted as a dynamic support during the consolidation phase but was quickly pierced during the breakout.

Fibonacci retracements drawn from the key swing low at $0.02417 to the swing high at $0.02529 show the current price stabilizing near the 38.2% level at $0.02477, suggesting possible near-term support. The 61.8% level is at $0.02498 and may act as a key target for any corrective bounce. On the daily chart, the 50-period MA is currently at $0.02468, with the price moving above it, indicating a positive trend.

Backtest Hypothesis

A potential backtesting strategy could involve entering long positions on the 15-minute chart when price closes above the 20-period MA with a bullish engulfing pattern and RSI above 50. A stop-loss could be placed below the 38.2% Fibonacci level and a target above the 61.8% level. Given the recent volume spikes and confirmation of key resistance levels, this setup could be profitable if the trend continues.