- On the upside, if the bulls break above the EMAs, the crypto’s price will rise to retest the $2.20 overhead resistance.
- On the other hand, if the bulls fail to break above it, the crypto will continue its range bound move.
SKY/USD Medium-term Trend: Ranging
- Resistance Levels: $1.8, $2.0 ¸ $2.2
- Support levels: $1.4, $1.2, $1.2
Yesterday, June 17, the price of Skycoin was in a sideways trend. There had been no significant price change as the crypto is in a sideways trend. On May 31, the coin reached a high of $2.30 but was resisted. SKY market had a downward correction to a low at $1.62. The price fell below the EMAs which suggest that price is likely to fall. Nevertheless, the coin was characterized by small body candlesticks like the Doji and the Spinning tops which describe the indecision between the buyers and sellers.
The price of SKY is ranging below the EMAs. On the upside, if the bulls break above the EMAs, the crypto’s price will rise to retest the $2.20 overhead resistance. On the other hand, if the bulls fail to break above it, the crypto will continue its range bound move. Meanwhile, the SKY price has reached the oversold region of the daily stochastic but above 40% range. This indicates that price is a bullish momentum and a buy signal.
SKY/USD Short-term Trend: Ranging
On the 1-hour chart, the SKY price was in a sideways trend. The 12-day EMA and the 26-day EMA are trending horizontally. The crypto’s price was fluctuating below and above EMAs. The price of Skycoin is in choppy price action.
The support and the resistance level are not evenly apart thus making trade analysis complex. On June 18, the bulls have price spike which was corrected by the bears. Meanwhile, the SKY price has reached the oversold region of the daily stochastic but above 20% range. This indicates that price is a bearish momentum and a sell signal.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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