Market Overview for SKALE/Tether (SKLUSDT): Volatility and Divergence in 24-Hour Candlestick Data

• Price tested a key resistance at 0.02587 before retracting.
• Volume surged in early ET session, confirming bearish momentum.
• RSI dipped toward oversold territory, signaling potential near-term bounce.
• Volatility expanded as price broke below 0.0255, exposing 0.0253 support.
• Turnover and price action aligned during the mid-session pullback.

The SKALE/Tether (SKLUSDT) pair opened at 0.02546 on 2025-10-03 16:00 ET and reached a high of 0.02587 within the first 90 minutes before reversing lower. Price closed the 24-hour period at 0.02514 on 2025-10-04 05:15 ET, having traded between 0.02587 and 0.02501. Total volume amounted to 48,621,585.0, with a notional turnover of $1,215,213.67, based on the sum of volume × close price.

Structure and candlestick patterns reveal a bearish divergence forming after a failed breakout attempt at 0.02587. The candle that closed at 0.02557 (17:00 ET) formed a bearish engulfing pattern, which was followed by a descending channel. Support levels are apparent at 0.0255, 0.0254, and 0.0253, while resistance is clustered around 0.0256 and 0.0258. A doji formed at 0.02548 (19:45 ET), indicating indecision among traders, but the bearish momentum reasserted itself shortly after.

On the 15-minute chart, the 20-period and 50-period moving averages both sloped downward, reinforcing the bearish bias. The 20-period MA crossed below the 50-period MA, forming a death cross. The daily MA lines (50, 100, 200) also indicate a bearish trend, though no immediate crossovers were observed. MACD values turned negative after mid-session, with a bearish crossover and narrowing histogram, suggesting fading momentum. RSI bottomed in the 30–35 range (oversold) by 04:30 ET, implying a potential bounce may be near.

Bollinger Bands showed a moderate expansion between 17:00 and 20:00 ET, during which price traded within the lower band, reinforcing the bearish narrative. A volatility contraction was observed from 01:00 to 03:00 ET, followed by a breakout below the lower band, confirming a new support level at 0.0253. Volume surged during the morning ET session, particularly at 17:00 and 22:45 ET, which supported the price decline.

Fibonacci retracement levels from the 0.02546 to 0.02587 swing show key levels at 0.0257 (61.8%) and 0.0256 (38.2%). Price failed to hold above 0.0257, retreating toward the 0.0255 and 0.0254 levels. A potential bounce may occur from the 0.0253 (61.8% of a larger swing) level, but a break below this could expose the 0.0251 (38.2%) level.