• On the downside, if the price continues its fall, the market will revisit the low of $1.00.
• On the other hand, if the previous low holds, the crypto will resume its bullish trend and retest the EMAs.

SKY/USD Medium-term Trend: Ranging

• Resistance Levels: $1.8, $2.0 ¸ $2.2
• Support levels: $1.4, $1.2, $1.2

On  June 29, the price SKY COIN reached a high of $2.000 but was resisted. The bears broke the 12-day EMA and the 26-day EMA to reach the bearish trend zone. On July 16, the downward trend was corrected at a low of $1.12 price level. On July 17, the bulls made an upward move to break above the EMAs but were resisted by 26-day EMA, The price has fallen and it is testing the  previous low of the downtrend.

On the downside, if the price continues its fall, the market will revisit the low of $1.00. On the other hand, if the previous low holds, the crypto will resume its bullish trend and retest the EMAs.  Meanwhile, the SKY price has reached the overbought region of the daily stochastic but below 40% range. This indicates that price is a bearish 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. On July 27, the crypto's price fell to the low of $1.2500 and commenced a range bound move the support level.

However, the crypto's price is characterized by small body candlestick like the Doji and Spinning tops which described the indecision between the buyers and sellers at the current market price. Meanwhile, the SKY price has reached the oversold region of the daily stochastic but above 20% range. This indicates that price is a bullish momentum and a buy 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.