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The price of the Skale token has increased by 6.25% today, bringing it to the second position on the list of top crypto gainers. The token’s price action is at a critical technical crossroads. If the price action decisively breaches this level, the market could advance further. Let’s delve into the current market situation below.
Price movement in the SKL daily market has increased further today, placing the market on an upward path following a minor downward retracement in the previous session. However, the latest price candle seems to have faced rejection at the middle limit of the Bollinger Bands indicator.
This observation is supported by the fact that both upper and lower shadows appeared on the price candle after the market breached the middle limit of the indicator. Despite this, the Stochastic Relative Strength Index (Stochastic RSI) lines continue to rise into the overbought region without any sign of deflection, suggesting the market could still push higher as trading continues.
SKL Bulls Can Hold Their Ground
Meanwhile, the Skale 4-hour chart shows a minimal downward rejection in the ongoing session. This occurred as price action touched the upper limit of the Bollinger Bands. Despite the rejection, the latest price candle remains seated above the upper limit of the Bollinger Bands, with only an upper shadow visible.
This indicates that the upper limit of the Bollinger Bands is acting as strong support. At the same time, the Stochastic RSI indicator lines continue to rise, signaling that bullish forces are still in control. Therefore, traders can consider using crypto signals targeting the $0.04000 mark.
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