Market Overview for SKALE/Tether (SKLUSDT)

• Price declined from 0.0248 to 0.0244 on 24-hour 15-min data, with bearish momentum.
• RSI below 30 suggests potential oversold conditions, while volume increased after 10 PM ET.
• Bollinger Bands show moderate contraction during the overnight selloff.
• Key support at 0.0243–0.0244 tested multiple times; resistance at 0.0247.
• 15-minute chart shows bearish engulfing and doji patterns in the morning session.

The SKALE/Tether (SKLUSDT) pair opened at 0.02469 on 2025-09-22 at 12:00 ET, reached a high of 0.02483, fell to a low of 0.02413, and closed at 0.02449 on 2025-09-23 at 12:00 ET. Total volume over 24 hours was 226,795,015.0, with a turnover of $5,604,833.67.

Structure & Formations

The 15-minute chart displayed bearish pressure after 7 PM ET, with a bearish engulfing pattern at 0.02465 and a key doji at 0.02449, signaling indecision and bearish continuation. Support levels formed at 0.02432–0.02443 and 0.02419–0.02428, while resistance remained at 0.0247–0.02475. A consolidation pattern was observed between 0.02435 and 0.02455 in the early morning, with price failing to break decisively above 0.02465.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages remained in a bearish crossover from 9 PM ET onwards. The price tested the 20 MA at 0.02454, but failed to hold above it. On the daily chart (calculated from 15-min data), the 50-period MA sits at ~0.02445, and the 200-period MA at ~0.0245, suggesting a neutral to slightly bearish bias.

MACD & RSI

MACD turned negative after 7 PM ET, with bearish divergence forming after a temporary bullish crossover at 0.0245. RSI fell below 30 during the overnight selloff, hitting a 24-hour low of 25.8 at 0.02413, indicating potential oversold conditions. However, divergence between RSI and price was observed post-3 AM ET, with price continuing lower while RSI flattened slightly.

Bollinger Bands

Bollinger Bands showed a moderate contraction after 7 PM ET as volatility decreased, followed by a gradual expansion post 3 AM ET during the selloff. Price closed the 24-hour period near the lower band at 0.02449, indicating bearish pressure. The band width increased by ~8.3% during the overnight session, signaling a shift in risk dynamics.

Volume & Turnover

Volume spiked after 10 PM ET and again around 3 AM ET, coinciding with the selloff. Notional turnover reached $5,604,833.67, with the largest turnover spike occurring at 3 AM ET (~$284,000) and another at 7 AM ET (~$248,000). A divergence was observed between falling prices and stable volume, suggesting some exhaustion in the bearish move.

Fibonacci Retracements

Applying Fibonacci to the key 15-minute swing from 0.02475 to 0.02413, the 38.2% retracement at 0.02449 and the 61.8% at 0.02458 were significant. The price tested the 38.2% level twice and bounced slightly at 0.02458 in the morning. On the daily chart, the 61.8% retracement from the 2025-09-22 high at 0.02483 to the 0.02413 low would be at 0.02448, closely matching the current price level.

Backtest Hypothesis

A potential backtest strategy could involve entering a short position when price closes below the 20-period MA with a bearish engulfing pattern and RSI below 30, and exiting upon a close above the 50-period MA or a bullish engulfing pattern. A stop-loss could be placed above the nearest resistance (e.g., 0.0247), with take-profit at the next Fibonacci level (0.02432). This approach would target bearish momentum while managing downside risk with defined levels.