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Skycoin price analysis: SKY/USD set to surpass $1.3 in the next 24 hours

Polygon price analysis

TL: DR Breakdown

  • Yesterday, Skycoin traded in bearish momentum.
  • The Bollinger bands are narrow in the last 24 hours, meaning SKY/USD is trading in a mild volatile market.
  • On the 4-hour skycoin price analysis chart, SKY/USD has traded in a tight range of $1.1 to $1.3, signaling low liquidity in the market. 

Skycoin price analysis: General price overview

Yesterday, Skycoin traded in bearish momentum. In today’s early trading hours, the buyers came into the market in large numbers, outnumbering the sellers, causing a surge in SKY/USD price. The buyers did not dominate the market for long before the bears came in, pushing the prices upward.

Buyers were unhappy with the negative market trend, so they came into the market causing price surge to intraday highs of $1.3, where it faced bold resistance from the sellers who had dominated the market.

The Bollinger bands are narrow in the last 24 hours, meaning SKY/USD is trading in a mild volatile market hence the close range. 

Skycoin movent in the daily price analysis chart: SKY/USD attempts to go above the highest price of the day

At the time of writing, Skycoin was trading at $1.25. The coin’s price is trapped in a trough with support at $1.22. Meanwhile, after falling into a wedge that dropped it to $1.11 on the four-hour chart, the DOGE/USD pair has resumed its ascent.

SKY/USD trading volumes have increased by 20 percent, adding the total trading volumes to $1.2 billion. Even though the market dominance is at 0.00 percent, the skycoin total capitalization stands out at 25 billion, ranking the coin 686 in the overall market.

Skycoin four-hour price analysis chart: bear market

The price has been in moderate momentum on the four-price analysis chart. The bearish trend aims to break the daily resistance and dip further in the next 24 hours.

Skycoin price analysis
Source: Tradingview

The RSI indicator is lying on the oversold region with signs of going towards the zero mark, suggesting the market will continue being bearish in the subsequent trading sessions.

The Balance of Power (BoP) indicator indicates that sellers have overwhelmed the buyers making SKY/USD trade in a bearish market trend.

The red signal line has crossed below the Moving average convergence divergence (MACD), indicating that the market is trading in a slight bearish momentum. In addition, the short red bars on the moving average convergence divergence indicator are more than the green ones; this is an indication of the bearish trend.

Skycoin price analysis: Conclusion

The 4-hour Skycoin price analysis chart traded in a tight range of $1.1 to $1.3, signaling low liquidity in the market. Bulls seem to be strategizing to reverse the bear trend that has dominated the SKY/USD market on the daily price analysis chart. If bulls get strong support, the price will surpass the intraday highs in the next 24 hours.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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