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Despite the price decline observed in the Skale Network’s daily market, the token ranks as the second most profitable of the day. The token is still trading above some important levels, which may assist it in recording more gains. Let’s take a closer look.
Key Price Levels:
Resistance: $0.05500, $0.06000, and $0.06500
Support: $0.05000, $0.04500, and $0.04000
Skale Network Loses Part of Yesterday’s Gains
The crypto market was considerably active yesterday for bearish reasons. Bitcoin led a surprise price decline, reaching the $63,000 mark. However, the SKL/USDT market showed some significant gains despite this trend. Today’s trading activity has brought a moderate price decline.
The latest price candle on the chart has brought the market back below the 50-day Exponential Moving Average (EMA). Yesterday, the market had broken through this indicator. Meanwhile, the Stochastic Relative Strength Index (SRSI) still indicates an upward correction is possible.
The SKL/USDT Market Stays Above All EMA Lines
While the price action in the Skale Network daily market stands above the 20-day EMA, the 4-hour market shows the price action above all EMA lines. However, the market has seen price declines over the past two sessions. All SRSI indicator lines have risen past the 70 mark, even as prices decline.
This suggests that the bearish momentum has reduced compared to the previous session. Technically, this aligns with the opinion that the price action may find support above the EMA lines, allowing for an upward correction. This makes crypto signals targeting around the $0.05500 mark still viable.
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