Market Overview for Spark/Tether (SPKUSDT) – 2025-10-11

• Spark/Tether (SPKUSDT) fell sharply to 0.036, then retraced to 0.0396 before closing at 0.038581.
• A key support level was tested at 0.036, with a potential bear trap forming near 0.0473.
• Volume surged at 0.047 to 5M, confirming the breakdown, but faded sharply after the 0.036 level.
• RSI and MACD confirmed bearish momentum, with RSI hitting oversold territory near 0.036.
• Volatility expanded sharply during the breakdown, with Bollinger Bands widening to 0.0435–0.0455.

Spark/Tether (SPKUSDT) opened at 0.047829 (12:00 ET – 1), surged to a high of 0.048297, dropped to a low of 0.018, and closed at 0.038581 (12:00 ET). Total traded volume reached 167.2M, with a notional turnover of approximately 4.38M USD.

Structure & Formations

The price structure showed a sharp breakdown from 0.0473, forming a bearish engulfing pattern at 0.0473–0.0463. A key support level at 0.036 was tested twice, with a potential bear trap forming at 0.036–0.0384 as buyers stepped in. A doji formed at 0.038855–0.038884, signaling indecision after a sharp pullback.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart both moved downward, reflecting bearish bias. On a daily basis, the 50- and 200-period moving averages were not available for this timeframe, but the 100-period would likely sit above the current close, reinforcing a bearish bias.

MACD & RSI

The MACD remained negative throughout the breakdown and pullback, confirming bearish momentum. RSI hit an oversold level near 0.036, suggesting potential for a short-term rebound. However, the divergence between RSI and price during the pullback indicates weakening momentum.

Bollinger Bands

Volatility surged as the breakdown occurred, with Bollinger Bands expanding from a narrow range to a wide band between 0.0435–0.0455. Price sat just below the lower band at 0.0384–0.0386, indicating a possible rebound target.

Volume & Turnover

Volume spiked sharply during the breakdown at 0.047–0.046 to over 5M, confirming the bearish move. However, volume faded significantly at 0.036, suggesting a lack of conviction in the short-term bounce. Turnover was highest during the breakdown phase and declined after the 0.036 level, indicating possible exhaustion.

Fibonacci Retracements

Applying Fibonacci to the recent breakdown and pullback, key retracement levels at 38.2% (~0.0397) and 61.8% (~0.0389) were tested during the rebound phase. The 61.8% level was a strong area of support, which may hold or trigger further consolidation.

Backtest Hypothesis

A potential backtesting strategy could focus on shorting on the breakdown of key support levels (e.g., 0.0473) and exiting on the 61.8% Fibonacci retracement (~0.0389) as a target. Long positions could be taken on bullish reversals, such as the doji near 0.0388 and confirmation above 0.0389, with a stop-loss below 0.0384. The strategy would need to integrate volume confirmation to avoid false breakouts and ensure liquidity.