Skale Network (SKL) Market Prints Only Minimal Profits

Ever since the Bitcoin market crashed from near the $70,000 mark to around $67,000, the crypto market has been finding it hard to record significant gains. This has somewhat affected the Skale Network token, allowing it to record only minimal gains. However, it does seem that this market has some prospects in the short term.

SKL Statistics:
Current Skale Network Price: $0.05139
SKL Market Cap: $287,384,764
SKL Circulating Supply: 5,931,625,000
Skale Network Total Supply: 7,000,000,000
Skale Network CoinMarketCap Rank: 178

Key Price Levels:
Resistance: $0.5000, $0.6000, and $0.7000
Support: $0.4000, $0.3000, and $0.2000

Skale Network Stays Afloat Above the $0.04890 Mark

Price activity in the SKLUSDT market has been on a slow-paced upside correction. This has been the case ever since the token’s price action recovered back above the $0.04000 threshold. Thanks to the upside correction seen through the last price candle on the chart, we can see that price action has been able to sustain above the 20-day Exponential Moving Average (EMA) lines.

Meanwhile, the mentioned EMA lines lie below all the other EMA lines, allowing price action to rise past those as well, securing a strong bullish path. Due to the most recent price downward correction above the 20-day EMA line, the Stochastic Relative Strength Index (SRSI) lines can be seen already delivering a crossover. Nevertheless, the resulting lines of this indicator seem oriented sideways.

The SKLUSDT Upside Correction Gains More Momentum

Extending the SKLUSDT price analysis to a market time frame of 4 hours, we can see that the latest session, as represented by the last price candle, has placed the price of the token above all the EMA lines. As a result, this token now trades above the $0.05150 price level.

Also, the SRSI lines can be seen taking an upside trajectory following a bullish crossover. Technically, activities on the SRSI indicator lines still align with the opinion that the market may continue further upward above the $0.05000 mark. To be on the safer side, traders may want to use bullish crypto signals targeting just the $0.05500 mark.

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