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The Skale Network daily market has recovered by 2.26% today. This has effectively placed the token above the $0.05000 threshold, increasing its chances of more price increases. Since it may be too early to go seriously bullish, let’s look closely at price developments in the market.
Key Price Levels:
Resistance: $0.05500, $0.06000, and $0.06500
Support: $0.05000, $0.04500, and $0.04000
Skale Network May Extend Upward Correction
Following a considerable downward price decline that dipped through the $0.04000 mark, the SKL price action has corrected moderately upwards. After the price action rose through the 20-day Exponential Moving Average (EMA) line, it could be perceived that the 50-day EMA has constituted resistance to further price increases.
This has kept the price largely oscillating between the 20-day and 50-day EMAs. Due to the moderate price gains seen today, the Stochastic Relative Strength Index (SRSI) lines can be seen to be deflected towards a bullish crossover. This suggests that the market may extend towards higher price levels.
The SKL/USDT Market Faces Minor Rejection
The Skale Network market has risen past all the EMA lines. However, we can see that a red price candle has appeared to represent the ongoing session. Nevertheless, price activity is still above all the EMA lines as of the capturing time.
Meanwhile, the SRSI indicator lines have delivered an upward crossover in the oversold zone. The ensuing lines have kept an upward trajectory. This hints that traders may still see the support at the merged EMA lines as a basis for using bullish crypto signals targeting the $0.05500 mark.
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