Spark/Tether (SPKUSDT) Market Overview for 2025-11-09

Summary
• SPKUSDT traded in a bullish consolidation after a sharp intraday rally.
• Momentum accelerated in late ET hours, with strong volume confirming the move.
• Price found support around 0.0387 and resistance near 0.0405 during the session.

On 2025-11-09, Spark/Tether (SPKUSDT) opened at 0.039108 and traded between 0.038727 and 0.044993, closing at 0.040894 at 12:00 ET. The 24-hour volume totaled 189,781,000.00 SPK, with a turnover of ~$7,700,000 at mid-session prices, indicating increased participation.

Structure & Formations

Price formed a series of bullish engulfing and bullish continuation patterns from 20:00 to 02:00 ET, confirming a break above the 0.0405 resistance. A key support level emerged at 0.0395, which held during early retracements. A doji appeared at 03:30 ET, signaling short-term indecision after the strong rally.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart crossed in favor of the bulls, indicating strengthening momentum. On the daily chart, price remained above the 50- and 100-day moving averages, suggesting a longer-term uptrend is intact.

MACD & RSI

The MACD line turned positive and remained above the signal line, while the histogram showed growing bullish momentum in the last five hours of the session. RSI surged to over 60 in the late ET hours, avoiding overbought territory and suggesting potential for further gains.

Bollinger Bands

Price action expanded beyond the upper band during the late ET rally, indicating heightened volatility. The bands had constricted earlier in the session before the breakout, suggesting the move was long overdue.

Volume & Turnover

Volume spiked during the late ET hours, particularly between 21:00 and 23:30 ET, coinciding with the strongest price action. Notional turnover also increased sharply, aligning with the upward move and reducing divergence concerns.

Fibonacci Retracements

Key Fibonacci levels applied to the 0.0387–0.0449 range showed price bouncing off the 61.8% retracement level at ~0.0420 before extending higher. On the daily timeframe, the 38.2% retracement level at ~0.0405 appears to be a short-term ceiling.

Backtest Hypothesis

The backtesting strategy outlined is focused on identifying and acting upon Bullish Engulfing patterns in SPKUSDT. This candlestick pattern, identified by a large bullish candle fully engulfing the previous bearish one, often signals a potential reversal in bearish trends. Given the volume and momentum dynamics observed in the 24-hour data, a backtest of this pattern could yield meaningful insights. However, the attempt to fetch past instances of the Bullish Engulfing pattern returned an error, likely due to data source limitations or symbol recognition issues. To proceed, the symbol must be verified against the correct exchange or an alternative symbol with similar liquidity and chart characteristics should be considered. If confirmed, a 1-day holding-period backtest from 2022 to present could assess the strategy's robustness in SPKUSDT, particularly in the current market context where volume and price alignment suggest high signal integrity.