A few tokens on the Base network have been on steroids this week due to a rise in demand. This put tokens like SKI in a trending spot, but it faced rejection and currently looks stalled at a crucial resistance line.
This month marked major bottoms for many cryptocurrencies, including SKI, which is now looking strong on a weekly scale following a three-week recovery from the $0.0245 level, tapped as a monthly low.
However, it has seen multiple rejections and now looks indecisive on the daily chart after failing to surpass a crucial descending trendline, which served as resistance for four months. While the daily candle pattern shows signs of weakness from the bulls’ side, it may lose momentum anytime soon.
A sell from this resistance line could bring the bears back in action. If that happens, they must reclaim the mentioned monthly low to confirm an extension of the existing downtrend. Breaking out of this resistance line could signal a slight change in the structure before pulling back.
Should the price continue to break higher, especially above the peak of $0.045, we can expect a long-term rally as the market completely takes a U-turn. Despite this week’s surge, it remains bearish on the micro level.
SKI’s Key Levels To Watch
Anticipating a drop from the current trading level, $0.046 is the closest support to watch for a rebound. There’s also support at $0.035 in case of a dip. Losing the monthly $0.0245 low could send us to a new bottom.
A break above this resistance line could bring us back to this week’s $0.09 high. Pushing through it could rocket the price to the $0.152 and $0.245 resistance in the future.
Key Resistance Levels: $0.09, $0.152, $0.245
Key Support Levels: $0.046, $0.035, $0.0245
- Spot Price: $0.067
- 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.
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