Skale Network (SKL) Bears Get Challenged Near the $0.07000 Mark

Azeez Mustapha


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Bearish activity in the Skale Network Market has been dominant, bringing the market towards lower support levels. However, as soon as price action reached the technical level of $0.07000, the downward momentum seemed to halt. The ongoing session has shown signs of the market attempting an upward correction at this point.

SKL Statistics:
Current SKL Value: $0.07016
Skale Network Market Cap: $371,636,079
SKL Circulating Supply: 5,361,561,004
Skale Network Total Supply: 5,447,166,667
SKL CoinMarketCap Rank: 166

Key Price Levels:
Resistance: $0.08000, $0.09000, and $0.1000
Support: $0.07000, $0.06000, and $0.05000

Skale Network (SKL) Bears Get Challenged Near the $0.07000 MarkSkale Network Bulls Are Putting Their Foot Down

While headwinds caused a steady and significant downward movement in the SKL daily market, it can be perceived that the market is preparing for a trend reversal. The price candle for the previous session revealed a fierce struggle between market forces, with upside forces eventually prevailing, as indicated by the green appearance of the price candle.

The current session has shown an upward movement, as indicated by the corresponding price candle. Meanwhile, the Relative Strength Index (RSI) lines are now in the oversold region, with the leading line approaching a crossover. Although the trend is still developing, traders can consider using bullish crypto signals at this point.

Skale Network (SKL) Bears Get Challenged Near the $0.07000 MarkSKL Hopes of Recording More Profits Stay Viable

Price action on the Skale Network 4-hour market indicates progress. The market has moved from $0.07016 to $0.07023. Additionally, the last price candle here is closing in on the middle limit of the Bollinger Bands. The SRSI indicator lines have reached the overbought region.

However, these indicator lines have previously shown a downward crossover, but their appearance suggests that another upside crossover may be on the way. Should this occur, price action will surface above the middle limit of the indicator, further brightening hopes of the market rising through the $0.08000 mark shortly.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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