$SKL /USDT has shown strong upward momentum, with the price climbing from a 24-hour low

Time Frame: 1-Hour Chart

Current Price: $0.06973 (+25.68%)

Overview:

SKL/USDT has shown strong upward momentum, with the price climbing from a 24-hour low of $0.05421 to a high of $0.07457. The Relative Strength Index (RSI) at 82.87 indicates the asset is in overbought territory, signaling potential caution for buyers.

Resistance and Support Levels:

Resistance (Red):

1. $0.07457 (24-hour high)

2. $0.07559 (next psychological resistance)

Support (Green):

1. $0.06812 (local support near consolidation)

2. $0.06066 (previous breakout level)

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Trading Signals

Short Trade Signal:

Entry Price: $0.07400 (near resistance zone)

Stop Loss: $0.07560

Take-Profit Targets:

1. $0.06800

2. $0.06500

3. $0.06000

Long Trade Signal:

Entry Price: $0.06800 (pullback entry near support)

Stop Loss: $0.06050

Take-Profit Targets:

1. $0.07400

2. $0.07550

3. $0.08000

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Indicators:

Bullish (Green): RSI above 70 suggests strong buying pressure.

Bearish (Red): RSI overbought warning; potential pullback expected.

Trend Strength: High trading volume indicates increased interest in SKL.

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Cautionary Note:

Traders should monitor the price action closely as SKL approaches the key resistance zone at $0.07457. A breakout above this level may signal continuation, while failure to sustain the uptrend could lead to consolidation or retracement. Adjust risk levels accordingly.

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