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Price action in the SKL has witnessed a significant recovery in a single trading session. This recovery saw traders recouping incurred losses from over four trading sessions as of the time of writing. Yet, the market still stands at an advantage for recording even more profit. Let’s get into the details below.
SKL Statistics:
Current SKL Value: $0.09146
Skale Network Market Cap: $469,939,335
Skale Network Circulating Supply: 5,134,227,671 SKL
SKL Total Supply: 5,447,166,667 SKL
Skale Network CoinMarketCap Ranking: 114
Key Price Levels:
Resistance: $0.09146, $0.09500, and $0.1000
Support: $0.09100, $0.09000, and $0.08900
SKL Still Looks Promising
In the Skale Network daily market, it can be seen that the witnessed upside correction so far still has room to develop further. Technical indicators show that the bullish correction is still young and has the potential to grow stronger.
The ongoing session can be seen as a long green price candle appearing above the middle limit of the Bollinger Bands. At the same time, we can see that a bullish crossover on the Stochastic Relative Strength Index (RSI) indicator has appeared deep in the oversold region. Also, the emerging lines of this indicator don’t seem hyperextended after the crossover. This shows that prices may cover more upside ground.
Skale Bulls May Still March Higher Despite Minimal Downward Correction
SKL Bulls have hit a standing wall in the 4-hour market near the $0.09200 price mark. However, the back effect on price action suggests that the resulting rebound may not be too significant. This is revealed as price action in the last two sessions, represented by the last two price candles in this market, has arrived red and with tiny bodies.
Likewise, trading activities still continue to hug the uppermost band of the Bollinger Bands indicator line. Furthermore, the leading Moving Average Convergence Divergence Indicator (MACD) lines have risen past the equilibrium level, while the indicator lines still appear solid green. Therefore, this suggests that price activity is likely to advance further towards the $0.1000 mark.
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