SKI appeared to have reached a critical trading level after two weeks of retracement. The next major move looks indecisive as the price now sits at a crucial support line. A sudden surge should be expected soon! Following the recent price recovery, SKI is still looking bullish on the daily chart. Although it has taken a slight break in the rally following a noticeable drawdown from around the $0.12 level two weeks ago. Looking at the price action, the drawdown looks more like a retracement phase of the previous impulsive move. As we can see on the daily chart, it appears to have reached a critical trading level while testing a rising trendline, which has been serving as dynamic support since April. However, due to a serious drop in volatility over the past days, it traded indecisively with little-to-no movement since the start of the week. A break below this trendline could invalidate the existing bullish trend in the form of higher high and higher low patterns. If such a scenario comes into play, we may see a roll back to the recent bottom tested last month. Rebounding from this crucial support trendline could reinforce more buy actions capable of bringing the bulls back on track. Currently, there are no signs of a major move in the market due to lack of interest. SKI’s Key Levels To Watch Source: Tradingview If the price breaks lower from the current trading level, SKI will most likely navigate the monthly $0.46 low for support. More dips could slip the price through $0.035 before revisiting the bottom level of $0.0245. For a rebound, it must reclaim $0.09, along with the monthly $0.119 resistance before rallying hard to the $0.245 level. Failure to reject this level could advance buying to the $0.45 level. Key Resistance Levels: $0.09, $0.119, $0.245 Key Support Levels: $0.046, $0.035, $0.0245 Spot Price: $0.074 Trend: Bullish Volatility: Low Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
