Market Overview: Sky/Tether (SKYUSDT) — 24-Hour Price Action and Key Indicators

• SKYUSDT climbed from $0.0694 to $0.07194, with a 24-hour high of $0.07194.
• A strong bullish trend emerged in the afternoon, reversing earlier bearish pressure.
• RSI reached 60-65, indicating moderate strength, with no overbought conditions yet.
• Volatility increased significantly after 6:00 AM ET, with Bollinger Bands widening.
• Notional turnover spiked to $75M–80M, confirming accumulation in key resistance zones.

The price of Sky/Tether (SKYUSDT) opened at $0.0694 on 2025-09-20 at 12:00 ET and closed at $0.07018 on 2025-09-21 at 12:00 ET. During this period, the pair reached a high of $0.07194 and fell to a low of $0.06900. Total traded volume amounted to 70.1 million units, with notional turnover reaching approximately $5.0 million.

The 24-hour OHLCV data reveals a volatile path, with a bearish reversal candle at 09:15 ET (closing at $0.07048 after an earlier high of $0.0713), followed by a consolidation phase before a late-day rebound. A notable bullish engulfing pattern emerged at 07:15–07:30 ET as the price surged from $0.07111 to $0.07156, suggesting renewed buying pressure.

Structure & Formations

Key support levels were identified at $0.06950 and $0.06930, with a recent rejection off the 06:30 ET candle. Resistance appears at $0.07080 and $0.07140, where multiple 15-minute candles closed with upper shadows. A potential bearish hanging man pattern formed at 09:45 ET, but it was quickly negated by follow-through buying.

Moving Averages

On the 15-minute chart, the 20SMA crossed above the 50SMA at around 06:45 ET, confirming a short-term bullish bias. On a broader scale, the daily 50SMA sits at $0.07000, aligning with current price levels, suggesting a potential consolidation phase is unfolding.

MACD & RSI

The 15-minute MACD crossed into positive territory at 06:00 ET and remained bullish for much of the day, reinforcing the morning rally. RSI fluctuated between 45–65, indicating balanced momentum without reaching overbought territory. A divergence between the RSI and price occurred around 09:30 ET, suggesting a potential short-term pullback, though it did not materialize.

Bollinger Bands

Volatility increased significantly from 6:00 AM ET onward, with the bands widening to a range of $0.0697–$0.0713 by 08:00 ET. The price closed within the upper band at 07:15–07:30 ET and again at 06:30–06:45 ET, indicating strong momentum during those periods.

Volume & Turnover

Volume spiked during the 07:15–07:30 ET rally and the 06:30–06:45 ET breakout, suggesting institutional participation. A divergence between rising price and declining volume was observed at 10:00–10:15 ET, indicating weakening conviction. Turnover surged to $1.8 million during the 06:30–06:45 ET window, confirming the breakout’s legitimacy.

Fibonacci Retracements

On the 15-minute chart, the 0.618 retracement of the 06:00–06:30 ET move aligned with $0.07080, where price stalled multiple times. On the daily chart, the 0.382 retracement of the recent 10-day decline is at $0.07050, which was a minor support level during the consolidation phase.

Backtest Hypothesis

A potential backtesting strategy could involve entering long positions when the 15-minute MACD crosses above zero and price closes above the 20SMA, with a stop-loss placed below the nearest Fibonacci level (e.g., $0.07030). This approach aligns with the observed bullish engulfing pattern and confirms the accumulation seen in the 07:00–08:00 ET session.

Looking ahead, the next 24 hours may see a test of $0.07080 resistance, with a potential for a retest of $0.07140 if buying momentum continues. However, traders should remain cautious of a pullback to $0.07000–$0.06970, especially if volume declines and RSI fails to confirm further gains.