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Price action in the Skale Network market has increased by 3.40% on the day. This is happening at a time when most coins are bearish due to the current sentiment surrounding Bitcoin. It could be seen that only the SKL has appeared on the list of crypto daily movers at this point. Let’s see how this market may proceed shortly.
Skale Network Statistics:
Current SKL Value: $0.08649
SKL Market Cap: $432,081,608
Skale Network Circulating Supply: 5,179,144,337
Skale Network Total Supply: 5,447,166,667
SKL CoinMarketCap Rank: 160
Key Price Levels:
Resistance: $0.08649, $0.09000, and $0.09500
Support: $0.08149, $0.07649, and $0.06649
Skale Network Manages to Stand Above the 0.08463 Mark
The SKL token has experienced an intense downward correction over the past two sessions. But as soon as the downward correction hit the 38.20 Fibonacci Retracement Level, a rebound occurred. Meanwhile, the ongoing session seems to be suggesting that price action may test the support at the 38.20 Fibonacci Level once more.
However, price action remains below the Guppy Multiple Moving Average (GMMA) lines, but the Stochastic Relative Strength Index (SRSI) indicator has displayed a crossover in the oversold region. With price action below the GMMA lines, consequently, this weakens any bullish sentiment that may arise from this market at this point.
SKL Bearish Stand Strengthens
The bearish stance in the Skale network 4-hour market has continued to grow stronger. Here, the last price candle on this chart can be seen as a long red price candle. This price candle has placed the price of the token below most of the GMMA lines.
Likewise, the SRSI indicator lines have converged for a crossover in the overbought region, suggesting that the market may witness even more downward corrections in the ongoing session. Therefore, this makes bearish crypto signals the go-to in this market, as prices may approach the $0.0800 mark soon.
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