Decoding Next Possible Outcomes In SKL Price Chart!

31 Jul

The price started in 2024 with a nearly 250% surge by March end of 2024, where the instability led to profit booking. The bears took advantage and consumed all its gains of the first quarter by the second quarter of 2024.

The third quarter shows a bullish presence from the same critical support zone that earlier displayed unprecedented advancement in price.

At press time, the price has traded near the 50-day EMA band, where the price got the opportunity to surge from an upward trednine.

In the past, the 50-day EMA would lead towards the 200-day EMA. On the better side, if the price manages to pierce the 200-day EMA as well, then the dynamic hurdle would turn into dynamic support, and optimism would increase.
As of writing, the price has depicted a bullish cross in the MACD vicinity, and the RSI has been near the median line at 52.81.

Therefore, the resistance lies around $0.0675, and $0.0850, respectively. On the contrary, the support could be present at $0.0450, and $0.0390, respectively.