Skale Network (SKL) Remains Vulnerable Inside Thinning Market Activities

The price of the Skale Network token has moved up by more than 4.20% today. Despite that, price action in this market appears unimpacted by such a magnitude of price increase. However, this seems to be due to a lack of significant interest from traders. Let’s further examine this market.

SKL Statistics:
SKL Value Now: $0.02189
Skale Network Market Cap: $102,573,201
SKL Circulating Supply: 4,673,852,671 SKL
Skale Network Total Supply: 5,447,166,667 SKL
Skale Network CoinMarketCap Ranking: 182

Major Price Levels:
Top: $0.02189, $0.02300, and $0.02400
Base: $0.02100, $0.02000, and $0.01900

Skale Network Price Action Stays Under Bearish Pressure

The Skale Network price action, as earlier mentioned, continues to stay depressed despite appearing in the second spot on the daily crypto movers list with a price increase of 4.35%. However, since five trading sessions ago, price action has fallen below the 9- and 21-day Smooth Moving Average (SMA) lines. To reflect the mentioned price increment, a dash-shaped price candle has appeared a bit above the one for the previous session. Despite this, the Moving Average Convergence Divergence (MACD) curves continue to trend downward below the equilibrium level. Also, the appearance of the MACD indicator bars maintains that the downward momentum is strong, which offers a bearish tone to this market.

Bears Are Maintaining Dominance in the SKLUSDT Market

From the look of price action in the SKLUSDT 4-hour market, it could be seen that price action looks unchanged from what was observed on the daily market at this point. Recent price candlesticks remain below the SMA lines. And this implied that price action remains significantly under the control of headwinds. But on the contrary, the Stochastic Relative Strength Index (RSI) indicator lines are now converging in the heart of the oversold region. Consequently, this hints that it is possible for the upside correction to continue toward the $0.2500 price mark. However, this will require a significant commitment from buyers.

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