#SKLUSDT $SKL 4-Hour Chart Analysis
The price of SKL has been moving within a downward trend, currently priced at $0.03278, up by 0.43%. The RSI is at 31.35, indicating oversold conditions that could trigger a potential price reversal. The MACD is negative with the MACD line at -0.00117 and the signal line at -0.00312, along with a histogram at -0.00430, signaling strong bearish momentum but with potential convergence if selling pressure decreases.
Daily Chart Analysis
The daily chart reinforces this bearish outlook, with the RSI at 31.50, deeper into oversold territory. The daily MACD shows the MACD line at -0.00132 and the signal line at -0.00192, with a histogram at -0.00059, confirming the strong bearish momentum.
Moving Averages
The price is below the 200-period moving average in both the 4-hour and daily charts, suggesting a bearish trend in both the short and medium term.
Bullish Scenario
For a bullish scenario, if SKL manages to hold above the support at $0.0250, a rebound towards the resistance at $0.0500 could occur. Breaking above these resistance levels with significant volume could trigger a further recovery towards $0.0750.
Bearish Scenario
Conversely, in a bearish scenario, if the $0.0250 support fails, SKL could continue to decline to the next support around $0.0200. Breaking below this level could lead to further declines towards $0.0150 as a crucial long-term support.
Disclaimer
This analysis is for educational purposes only and is not financial or investment advice. Cryptocurrency investments are highly speculative and risky. Always do your own research and consult a professional financial advisor before making decisions. The author and publisher are not responsible for any financial losses resulting from actions taken based on this analysis.
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