#SKLUSDT Price Action: Watching for a Double Bottom Confirmation
SKL/USDT is currently trading around 0.05086 USDT. On the daily timeframe, the price is below the 200-day MA at 0.08018 USDT, indicating a bearish long-term trend. The RSI is at 54.37, suggesting slightly bullish conditions but still near neutral. The MACD shows a slight bullish crossover, with the MACD line above the signal line and a positive histogram, indicating mild bullish momentum.
A potential double bottom pattern is forming, with key support at 0.04863 USDT and a neckline resistance around 0.05200 USDT. This pattern suggests a possible bullish reversal if the price breaks above the neckline, confirmed by increased volume.
A failure to break this level could invalidate the pattern, leading to a bearish scenario towards the next support at 0.04863 USDT. Volume remains low, highlighting the need for stronger buying interest to validate any breakout.
#ETH_ETFs_Trading_Today #Bitcoin_Coneference_2024 #Market_Update #6thTrade
Disclaimer: The information and publications are not meant to be and do not constitute financial, investment, trading, or other types of advice or recommendations supplied or endorsed by 6thTrade