Market Overview for SKALE/Tether (SKLUSDT)

Summary
• Price declined from 0.0105 to 0.01017 amid a bearish bias and oversold RSI.
• Volatility expanded with Bollinger Band widening, and volume spiked during key selloffs.
• A potential support level appears at 0.01012, coinciding with the 61.8% Fibonacci retracement.

SKLUSDT opened at 0.0105 at 12:00 ET − 1, reached a high of 0.0105, a low of 0.01001, and closed at 0.01017 at 12:00 ET. Total volume was 25,899,177, and notional turnover amounted to 2,593.81.

Structure & Formations

Price action formed multiple bearish candlestick patterns, including dark cloud covers and shooting stars, especially between 20:00 and 21:00 ET. A key support level may form near 0.01012, aligning with a prior low and Fibonacci levels. Resistance appears at 0.01045–0.0105, where prior attempts to rally failed.

Moving Averages

On the 5-minute chart, the 20-period moving average dropped below the 50-period line, forming a bearish crossover. The daily chart shows the 50-period MA dipping below the 100- and 200-period lines, reinforcing the near-term bearish bias.

MACD & RSI

The MACD line turned negative, reflecting fading bullish momentum. RSI dipped into oversold territory around 25–30 at the close, suggesting the decline may pause. However, a rebound without bullish confirmation may signal further bearish pressure.

Bollinger Bands

Volatility expanded significantly between 20:00 and 21:00 ET, pushing price toward the lower band. The widening bands indicate increased market uncertainty. Price remains near the lower band, suggesting a potential short-term rebound.

Volume & Turnover

Volume surged during the key selloff from 0.01045 to 0.01012, confirming bearish conviction. Notional turnover rose in tandem, supporting the validity of the move. However, the lack of follow-through volume in recent rallies could signal weakening bearish momentum.

Fibonacci Retracements

The 61.8% Fibonacci retracement level of the prior bear wave aligns with 0.01012, a potential support. A break below that level may target 0.01005, while a rebound above 0.01025 could test the 38.2% level at 0.0103.

Over the next 24 hours, SKLUSDT may consolidate near 0.01012–0.01025, with a breakout direction likely driven by order flow and macro sentiment. Investors should watch for volume confirmation to validate any reversal attempt, with further downside a risk if the 0.01012 level breaks cleanly.