Between $0.041–$0.044, with a notable decline of about -10% over the past 24 hours.
Unprecedented rise in daily trading volume, reaching between half a billion to over a billion dollars.
Despite the daily decline, the token recorded strong weekly gains of up to 150%.
Current downward pressures
Post strong rise correction
The token has seen consecutive rises this week, supported by the launch of the "It Remains" project — a transmedia experience encompassing the narrative, games, NFTs, and more. This announcement led to a rise exceeding 150% over seven days and 52% in the last 24 hours.
Such rapid increases open the door for a short-term correction due to profit-taking, as seen here with a price drop of ~10%.
Overbought signals available
Technical indicators like RSI show levels above normal (in the overbought range), warning of weakened positive momentum and supporting a retracement scenario.
Very high and concerning trading activity
Trading volume exceeded $900 million, raising concerns about the possibility that the movement was partially driven by automated trading (bots) or unstable behavior.
Brief technical analysis
Indicator / Factor: Current rating
Current price: Approximately $0.041–$0.044 (after a ~10% drop)
Weekly performance: Astronomical gains reaching 150%
Momentary momentum: Positive in the short term, with technical weakness
Overbought signals: RSI and MACD indicate an overbought condition
Potential risks: Momentum collapse, intensive profit-taking, high automated trading
Recommendations and notes
1. Caution against immediate entry after a significant rise
Rapid increases are often followed by corrections. It may be wise to monitor the price and its stability before making a purchase decision.
2. Technical indicators can be used to confirm the trend
RSI: If it retreats to a neutral range (<70), it may indicate the beginning of new momentum.
MACD: A downward signal crossover may confirm the beginning of a larger correction.
3. Watch trading volume
Continued high trading flows may indicate sustained momentum, but a decrease or stabilization at lower levels may be a strong signal for a retracement.
4. Monitor key price levels
Analysis where the correction began as a psychological technical support class.
If the price falls below $0.04, it may lead to further selling pressure.
Summary
The SKALE token witnessed a massive rise this week, driven by the launch of the "It Remains" project and strong technical momentum. However, this rapid rise was accompanied by a daily decline (~10%), driven by profit-taking and overbought conditions, as well as high trading volumes that may carry a warning of unsustainable momentum.
Quick summary:
Current state: Natural correction within an upward wave.
Technical indicators: Overbought + Extreme trading.
Proposed strategy: Wait for a confirmed rebound or technical indicators to retreat before entering.