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The Skale token witnessed a significant price surge that has extended from yesterday’s session to the ongoing session. Earlier in today’s trading activities, the price action in today’s trading session visited a price mark above the $0.1000 price level before the price action retreated below it. Let’s try to assess the chances of the price action continuing the uptrend.
Key SKL Statistics:
Current SKL value: $0.09551
Skale Market Cap: $510,333,798
SKL Circulating Supply: 5,447,166,667 SKL
Skale Total Supply: 7,000,000,000 SKL
SKL CoinMarketCap Ranking: 121
Key Price Levels:
Resistance: $0.09551, $0.09750, and $0.1000
Support: $0.09500, $0.09400, and $0.09300
Skale Has More Upside Hopes
The price action in the SKL daily market has been able to retain its bullish characteristics for a considerable length of time. In fact, the corresponding price candle for the ongoing session suggests that buyers seem to be strongly positioned in this market. Meanwhile, trading activities are still occurring above the Bollinger Bands middle limit.
In fact, trading activities continue to happen outside the uppermost limit of the Bollinger Bands. The Stochastic Relative Strength index has delivered a bullish crossover near the 40 levels of the indicator. Therefore, considering the responsiveness of the RSI indicator lines, it suggests that bullish momentum still seems quite potent to cause more upside retracements.
Tailwinds Are Determined to Push the SKL Market Higher
Price action in the Skale 4-hour market has shown the willingness of buyers to keep pushing price action back towards the $0.1000 mark. The previous session had printed moderate losses for the token. Nevertheless, buyers had utilized the short-term downward correction as an entry point into the market.
Consequently, this seems to have contributed to the bullishness that is now experienced in the ongoing session. Also, this has kept trading activities hugging the uppermost limits of the Bollinger Bands. Meanwhile, the Moving Average Convergence Divergence indicator lines are still trending upwards, despite the pale green appearance of their bars. As a result, traders can still expect the upside correction to extend towards the $0.1100 mark.
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