Market Overview: Spark/Tether (SPKUSDT) Rises on Bullish Momentum and Strong Volume

• Spark/Tether (SPKUSDT) surged 11.8% on strong late-session buying above $0.04875.
• Volatility expanded with a 15-minute range exceeding $0.0006 and Bollinger Band widening.
• A bullish engulfing pattern emerged at 06:15 ET, aligning with 38.2% Fibonacci support.
• RSI crossed into overbought territory midday, suggesting possible short-term pullback.
• Notional turnover spiked to $74.8m at peak, confirming accumulation ahead of $0.0493.

Spark/Tether (SPKUSDT) opened at $0.046661 on 2025-10-09 12:00 ET and closed at $0.049065 on 2025-10-10 12:00 ET. The 24-hour high reached $0.050545, while the low was $0.046509. Total trading volume across the period was 65,755,734.0 SPK, translating to a notional turnover of $3,204,768. Notably, volume spiked past $700,000 at key resistance levels late in the session.

Structure & Formations

Price carved a decisive bullish reversal pattern during the 06:15–06:30 ET window, with a strong engulfing candle that confirmed a breakout above the descending wedge. Key resistance levels emerged around $0.0491–0.0493 and $0.0496–0.0498, where volume thickened and price tested multiple times. A doji formed at $0.048753 on the 23:45 candle, hinting at indecision ahead of a decisive upward move.

Moving Averages

On the 15-minute chart, the 20-period MA crossed above the 50-period MA early in the session, signaling short-term bullish momentum. On the daily timeframe, the 50-period MA now sits at $0.0486, while the 200-period MA remains at $0.0479. The price has closed above both, indicating a potential trend shift.

MACD & RSI

The MACD turned positive during the 05:00–05:30 ET window and maintained bullish divergence until midday. RSI crossed into overbought territory at 72 by 11:00 ET, indicating a possible near-term correction. However, RSI remained above 50 for most of the session, supporting the view that the bullish momentum is still intact.

Bollinger Bands

Volatility expanded significantly during the 06:00–06:30 ET window, with the upper band reaching $0.0505 and the lower band at $0.0482. Price remained above the 20-period moving average within the upper half of the bands, indicating strong buying pressure. A contraction in the bands was noted during the 13:00–14:00 ET window, suggesting a potential buildup for a breakout.

Volume & Turnover

Volume spiked above $700,000 on the 22:15, 23:45, and 06:15 ET candles, confirming key resistance levels and accumulation. Notional turnover peaked at $74.8m during the 06:00–06:30 ET period. A divergence between volume and price was noted during the 14:30–15:00 ET window, when price continued rising despite declining volume, hinting at potential exhaustion.

Fibonacci Retracements

A key 38.2% Fibonacci retracement level at $0.048753 was confirmed as strong support during the 23:45 candle. The 61.8% level at $0.0496 emerged as resistance and was breached with high volume. On the daily chart, the 50% retracement level at $0.0484 is now a potential pivot.

Backtest Hypothesis

Given the identified bullish patterns, Fibonacci support confirmation, and strong volume spikes, a potential backtesting strategy could involve a long entry at $0.0488 with a stop-loss at $0.0485 and a target at $0.0496. This setup would aim to capture the continuation of the upward trend following the 38.2% retracement bounce. Momentum indicators suggest the move is still in its early phase, making it a favorable setup for short-to-medium-term trading.