$SKL Recently broke out of a descending channel on the daily timeframe, with potential targets at $0.066, $0.091, and $0.125 if the breakout holds.
SKL’s parabolic support held, enabling a reentry into an ascending channel, suggesting a bullish short-term move.
Technical Indicators:
Relative Strength Index (RSI): The 14-day RSI is at 56.91, indicating neutral market conditions—neither overbought (above 70) nor oversold (below 30). This suggests the price is not at an extreme, with room for movement in either direction.
Moving Averages:
SKL is trading below its 50-day Simple Moving Average (SMA) of $0.059752 and 200-day SMA, which are bearish signals. The 50-day SMA is projected to drop to $0.0321 by December 2025, and the 200-day SMA to $0.0428, indicating continued downward pressure in the medium term.
The 50-day SMA is declining, reinforcing a bearish medium-term trend.
Support and Resistance Levels:
Current support is at $0.0221, with resistance at $0.0323. A break below $0.0221 could lead to further declines, while closing above $0.0323 might signal a move toward $0.0447.
SKL has found support at the lower border of a falling wedge pattern on the daily chart, with a potential bounce targeting $0.068 if confirmed.
Short-term sentiment is cautiously bullish, driven by the recent breakout and support at the falling wedge. Indicate optimism for a move toward $0.066–$0.068, with some traders targeting $0.02562, $0.02795, and $0.02828 in the very short term.
The Fear & Greed Index shows “extreme fear” at 14.28, suggesting market caution that could suppress bullish momentum.
Key Levels to Watch:
Upside Targets: $0.02828 (short-term), $0.066, $0.091, and $0.125 (if breakout sustains).
Downside Risks: A drop below $0.0221 could test lower supports, potentially $0.01964 (all-time low).
Stop-Loss: Traders suggest a stop-loss at $0.02204 for short-term positions.
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