Skale Network (SKL) Gains Shrink

The Skale Network market has seen strong upward movement today. However, given the fact that to every reaction there is an equal and opposite reaction, the ongoing session has also seen some notable pullback. Nevertheless, price action remains above important technical levels that may support future price increases.

SKL Statistics

Current Price: $0.01580

Market Capitalization: $90.24M

Circulating Supply: 6.04B

Total Supply: 6.24B

CoinMarketCap Rank: 296

Key Levels

Resistance: $0.01600, $0.01850, $0.02000

Support: $0.01500, $0.01250, $0.01000

Skale Network Sees a Pushback

While the Skale Network token has seen notable price increases today, it is also clear that downward forces have pushed back significantly against upside progress. Nevertheless, the ongoing session still holds a notable price increase.

The last price candle on the chart can be seen bearing a long upper shadow, hinting that upside movement has suffered some pushbacks. Even so, the token continues to trade above the 9-day Exponential Moving Average (EMA) curve.

At the same time, the Stochastic Relative Strength Index (SRSI) indicator lines can be seen maintaining an upward bearing from below the 50 mark.

SKL Jerks Downward

Following the heavy contraction that occurred two sessions ago, subsequent sessions have shown some recovery. The current session, however, is presenting a downward retracement. Still, trading in the SKLUSDT market remains above the 9-day EMA curve.

Similarly, the lines of the SRSI indicator can be seen rising high into the overbought region, but there is now a deflection toward a crossover. With price action remaining above the 9-day EMA and the SRSI lines still in the overbought region, price action may yet continue toward the $0.01600 mark.

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