Skale Network (SKL) Pumps By 7.08% to Test the 50 Fibonacci Retracement Level

The Skale Network token price has surged by more than 8% today, testing a resistance at the $0.2714 price mark. However, headwinds caused this token to incur losses in today’s trading. Let’s see how the token may still perform.

Key SKL Statistics:
Current Skale Network Value: $0.2601
SKL Market Cap: $128,232,315
Circulating Supply of SKL: 4,979,352,671
Total Supply of the Skale Network: 5,447,166,667
SKL CoinMarketCap Ranking: 184

Key Price Levels:
Resistance: $0.2601, $0.2750, and $0.2850
Support: $0.2600, $0.2500, and $0.2400

Skale Network Still Retains Most of Today’s Profits

As previously mentioned, the gains seen in the SKL daily market have been reduced. Nevertheless, bullish momentum still appears viable in this market. The price candle representing today’s trading session shows a substantial body size while positioned above the Guppy Multiple Moving Average (GMMA) curves.

Additionally, the current price of this token has risen above the $0.2600 mark, despite the appearance of an upper shadow. Moreover, the Relative Strength Index (RSI) indicator lines show a new upward trend following a crossover in the overbought region. Consequently, all trading indicators applied to this market maintain a bullish outlook.

SKL Still Looks Optimistic Despite Signs of Weakening Momentum

The behavior of price action in the Skale Network 4-hour price chart suggests that bullish momentum might be subsiding. However, trading indicators still appear rather optimistic. The ongoing session continues above the two sets of GMMA lines.

Similarly, the RSI indicator suggests that tailwinds are still active, as a bullish crossover is visible above the 75 mark of the indicator. The occurrence of another bullish crossover in the overbought region sends a strong signal that the upside forces may persist toward the $0.2750 mark.

Buy SKL on eToro