Skale Network (SKL) May Have Started Gathering Bullish Traction

The crypto market has been significantly bearish in the past few days, with yesterday being the most encompassing day in the general crypto market. However, today’s trading has brought some relief to traders in this market. The Skale Network token has received its fair share of recovery. This could be observed as the token’s price has moved up by 10.00%.

SKL Statistics:
Current Skale Network Value: $0.07290
SKL Market Cap:  $374,232,601
SKL Circulating Supply: 5,134,227,671
Skale Network Total Supply: 5,447,166,667
Skale Network CoinMarketCap: 136

Key Price Levels:
Resistance: $0.07290, $0.07500, and $0.07900
Support: $0.07250, $0.07150, and $0.07050

The Skale Network Market Prepares a Recovery Move

Over the past 13 trading sessions in the SKL market, price action has been retracing to lower levels. But as soon as price activity hit the support level at the lowest limit of the Bollinger Bands, a significant upward rebound occurred.

Likewise, there was a change in the direction of the Stochastic Relative Strength Index (RSI) lines as they are now rising out of the oversold region. At this point, bulls are facing immediate resistance at the 38.20 Fibonacci Retracement level, and it is likely that the correction will extend through that mark. This is because the crossover is still young and therefore strong enough to keep going.

The SKL Bulls Are Expending Too Much Energy

In the 4-hour Skale Network market, it can be seen that the applied Conor Relative Strength Index indicator lines indicate the upside momentum is growing too fast at such a moderate price increase. This is revealed as the CRSI curve has reached deep into the overbought region at this point.

Meanwhile, price action in this market has crossed above the middle band of the Bollinger Bands indicator. This gives bulls an advantage over downward forces and may trigger more price increases in this market. Nevertheless, traders can develop crypto signals with targets close to the $0.07900 mark in the meantime.

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