Market Overview for SKALE/Tether (SKLUSDT)

Summary
• Price declined from 0.01089 to 0.01056, forming bearish engulfing and inside bars.
• RSI approached oversold levels, while MACD showed diverging bearish momentum.
• Bollinger Bands tightened before a sharp drop, indicating heightened volatility.
• Volume spiked in early hours but declined in the last 8 hours, signaling fading selling pressure.
• Fibonacci retracement at 0.01066 acted as a key support, halting further decline briefly.

Market Overview

At 12:00 ET on 2026-01-09, SKALE/Tether (SKLUSDT) opened at 0.01087, hit a high of 0.01089, a low of 0.01056, and closed at 0.01064. The 24-hour volume totaled approximately 35.7 million, with a turnover of about 3,894,200 USD.

Structure & Formations

The price action displayed multiple bearish signals, including bearish engulfing patterns during the early session and a series of inside bars as buyers struggled to push above 0.01085. A key support level emerged around 0.01066, coinciding with the 38.2% Fibonacci retracement of a prior 5-minute swing.

Moving Averages

Short-term averages (20/50-period) on the 5-minute chart remained above price for much of the session, reinforcing bearish bias. On the daily chart, the price continued to trade below the 200-period MA, indicating ongoing bearish momentum in the broader timeframe.

MACD & RSI

The 12/26 MACD line moved lower in the final hours, with a bearish crossover and declining histogram. The RSI reached oversold territory below 30, suggesting the market may be due for a near-term bounce. However, the divergence between falling prices and stabilizing RSI implies caution.

Bollinger Bands

Volatility showed signs of contraction early in the session, with price tightening within the bands before a sharp drop below the lower band. The break suggests increased bearish sentiment, though a rebound above the mid-band could hint at stabilizing demand.

Volume & Turnover

Volume surged during the initial breakdown but faded in the afternoon, suggesting diminishing conviction in the move lower. Turnover closely followed volume trends, with no major divergences. The drop in both metrics implies a potential slowdown in selling pressure.

Forward Outlook

SKALE/Tether may test the 0.01064–0.01056 level for support in the next 24 hours, with a possible rebound toward 0.01075–0.01080. However, given the bearish structure and fading volume, traders should remain cautious about a swift reversal. A break below 0.01056 could accelerate the decline.