Sky/Tether Market Overview

• Sky/Tether (SKYUSDT) opened at $0.07364 and closed at $0.07004, with a 24-hour low of $0.06881 and high of $0.07444.
• Price declined by ~6.3% on a total volume of ~132.5 million and turnover of ~$9.3 million.
• A bearish engulfing pattern emerged near $0.0720, confirming short-term downside momentum.
• RSI (14) entered oversold territory (<30), suggesting potential for a near-term bounce. • Volatility increased as price moved outside of 15-min Bollinger Bands, signaling heightened uncertainty.

Sky/Tether (SKYUSDT) opened at $0.07364 on 2025-09-19 at 12:00 ET and closed at $0.07004 on 2025-09-20 at the same time, reaching a high of $0.07444 and a low of $0.06881 over the 24-hour period. Total traded volume was approximately 132.5 million units, with a notional turnover of around $9.3 million, indicating significant activity as sentiment shifted bearishly.
Structurally, the price formed a bearish engulfing pattern near the $0.0720 level, suggesting a continuation of the downward trend. Key support levels were observed at $0.0700 and $0.0685, while resistance was found at $0.0725. A doji appeared near $0.0705, hinting at potential indecision or a short-term reversal. The price action indicates that sellers have taken control, with buyers struggling to reclaim key levels.
The 20-period and 50-period moving averages on the 15-minute chart remained below price, confirming the bearish bias. RSI has dropped into oversold territory (<30), suggesting that further correction could be limited and a short-term rebound may be in play. MACD remains negative with the signal line crossing below the histogram, reinforcing the downward momentum. Bollinger Bands have widened as volatility increased, with price moving beyond the lower band on several occasions, signaling heightened market anxiety.
Volume surged in the early morning hours as price accelerated downward, confirming the bearish bias. Notional turnover also spiked during the $0.0710–$0.0690 price range, aligning with price movement. However, volume has since declined, which could imply exhaustion in the bearish move. A divergence between price and volume may be forming, hinting at potential for a countertrend bounce.
Fibonacci retracement levels from the key swing high of $0.07444 to the low of $0.06881 showed the 61.8% level (~$0.0703) as a potential area of interest for buyers. The 38.2% level (~$0.0718) may act as a psychological floor or trigger further selling if breached. On the 15-minute chart, recent swings suggest that a bounce from the 61.8% level could target $0.0718–$0.0725 for a potential countertrend.

Backtest Hypothesis A possible backtesting strategy involves entering a short position on SKYUSDT when a bearish engulfing pattern forms near a Fibonacci 61.8% retracement level, confirmed by a close below the 50-period moving average on the 15-minute chart. A stop-loss is placed just above the nearest resistance, and a take-profit is set at the 38.2% retracement level. Given the recent price action and alignment with technical triggers, this setup could have been effective for short-term bearish trades in the last 24 hours, though further volatility or unexpected news could disrupt its accuracy.