After a two-week pullback from a crucial resistance level, SKI is back in an upward range following a rebound from a nearby support. It now appears bullish daily following a slight breakout of a falling trendline.
Last month marked a slight change in SKI’s trading landscape following a notable bounce from the $0.00245 level, tested as its lowest price level since it was launched on the centralised exchange market late last year.
The bounce brought a major recovery in the market following an over 2x increase in three weeks, but it eventually lost buzz after facing resistance at $0.09 in the late month. The daily candle wick and the price slipped.
Leading to thrice rejections of the falling trendline, acting as resistance for months, it initiated a pullback and dropped under $0.05 for days.
The $0.046 level provided support this week and the price resurged with a successful breakthrough the resistance line; although the break is not clear enough to signal a bullish move. Even if the price further increases, it must overcome the mentioned resistance to confirm the bullish signal.
However, considering the latest setup, which looks like a completing bullish head-and-should pattern on a daily, we can anticipate a massive rally once the price flips this crucial resistance. Right now, the bears are off the market.
SKI’s Key Levels To Watch
Source: Tradingview
A successful break above the $0.09 resistance should validate a bullish move to $0.152. The higher resistance level to watch for a test is the $0.245 level.
Currently, the $0.046 level is providing support for the market. If by any chance the bears return, the levels to consider for drops are $0.035 and $0.0245.
Key Resistance Levels: $0.09, $0.152, $0.245
Key Support Levels: $0.046, $0.035, $0.0245
- Spot Price: $0.068
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
