Market Overview for SKALE/Tether (SKLUSDT)

Summary
• Price surged above $0.0107 with bullish momentum and high-volume breakouts.
• A 5-minute bullish engulfing pattern emerged near key resistance of $0.0107.
• MACD showed strong positive divergence while RSI approached overbought territory.
• Volatility expanded sharply in the last 6 hours with price moving well above Bollinger Bands.
• Turnover spiked to $51.3 million on 4.5 million SKL traded, suggesting strong accumulation.

SKALE/Tether (SKLUSDT) opened at $0.01058 (12:00 ET - 1), surged to $0.01134, and closed at $0.01124 by 12:00 ET. Total volume hit 4.5 million SKL, with turnover reaching $51.3 million.

Structure & Formations

Price broke through a key 5-minute resistance at $0.0107 with a bullish engulfing pattern and a follow-through move above $0.011. Bollinger Bands showed a sharp expansion after a period of consolidation, suggesting increased volatility and potential for a trend continuation. A 61.8% Fibonacci retracement level at $0.0112 coincided with recent price action, reinforcing potential for a pullback or consolidation.

Technical Momentum

The MACD showed a strong positive divergence as price made higher highs and MACD crossed into strong positive territory. RSI climbed to 70–75 levels, indicating overbought conditions and suggesting a possible short-term correction. However, the sustained momentum and volume support the likelihood of a breakout continuation.

Volatility and Turnover

Volatility spiked in the last 6 hours, with price moving well above the upper Bollinger Band. Notional turnover surged to $51.3 million, with a sharp increase in volume around $0.0107 and above. Price and turnover aligned well, indicating accumulation rather than dumping.

Future Outlook and Risk

The current trajectory suggests a potential test of $0.0115 as the next resistance. However, a pullback to $0.0109–$0.011 may occur due to overbought RSI levels. Investors should monitor the 50-period 5-minute moving average as a potential support zone. A reversal below $0.0109 may trigger a short-term correction.