Ski and many other tokens on the Base protocol have paused selling amid the latest market recovery. While holding recent lows as support, they are yet to signal bullish as buying volume currently appears low.
Several meme coins have reacted positively to the overall market recovery, although some crypto assets are still down as they continue to look for a strong support level to fuel a fresh increase.
However, Ski responded well to the recovery as it charted minor gains in the past hours. But looking at the market from a technical standpoint, the demand level currently appears low to bring the bulls back on track.
Due to that, it will be too early to consider a shift in the trend as it is yet to show major signs for a bullish move on the daily scale. Even if that comes into play, it must surpass the previous monthly resistance level before considering a major trend shift.
As of now, the bulls are in charge on the hourly scale. Failure to sustain pressure could result in a fresh price breakdown. And if that happens, April’s low would be the next bears’ stopover to watch for a test.
Still, it is important to note that the last drawdown is considered a retest of the May 8 surge above the $0.043 level from a technical perspective. Now that it has produced support, we should expect the price to go up rather than down.
SKI’s Key Levels To Watch
If the current price bounce becomes strong, the potential resistance level to watch for a buy would be $0.07, along with the $0.119 resistance. A rally through it could set the stage for a massive run to $0.245 and $0.45.
While the $0.043 level acts as support, a dip below it could roll the price to April’s $0.0245 low. Cracking it could plunge the price to $0.013.
Key Resistance Levels: $0.07, $0.119, $0.245
Key Support Levels: $0.043, $0.0245, $0.013
- Spot Price: $0.051
- Trend: Bearish
- 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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