ndicators and Chart Patterns
Moving Average (MA 200):
The current price has recently broken above the 200-period MA (value: $0.03885), indicating a shift from bearish to bullish momentum.
A sustained move above this level strengthens the case for further upside.
Relative Strength Index (RSI):
RSI is at 67.99, close to the overbought level of 70.
While the RSI indicates strong bullish momentum, traders should watch for signs of consolidation or pullbacks if RSI enters extreme overbought territory.
Moving Average Convergence Divergence (MACD):
The MACD histogram is positive (+0.00124), suggesting bullish momentum is gaining traction.
Both the MACD and Signal lines are trending upwards, supporting the continuation of the current uptrend.
Volume:
Trading volume stands at 98.427 million, significantly higher than average levels.
The increase in volume confirms the strength behind the breakout above the 200-period MA.
Support and Resistance Zones
Strong Resistance:
The critical resistance zone is identified at $0.060 - $0.070.
A successful breakout above this zone could open the path to the next target at $0.080.
Key Support:
Immediate support is at $0.045 - $0.048, aligning closely with the 200-period MA.
This range will be crucial in maintaining the bullish structure if a correction occurs.
SKL/USDT shows promising bullish momentum, with the price breaking above the 200-period MA and supported by increased volume. While the RSI indicates strong momentum, caution is advised as it approaches overbought levels. Watch for a breakout above $0.060 to confirm further upside, while keeping an eye on $0.045 as a key support zone in case of a pullback.