• Nevertheless, if the bearish trend is continuing, the price is likely to reach the 0.786 Fib. retracement level.
• From the Fibonacci retracement levels, the price of SKY has broken the 0.236 and 0.382 Fib. retracement levels. These are continuation zone where the bullish trend can make an upwardmove.

SKY/USD Medium-term Trend: Bearish

• Resistance Levels: $1.8, $2.0 $2.2
• Support levels: $1.6, $1.4, $1.4

Yesterday, June 3, the price of Skycoin was in a bullish trend. The crypto's price was making a series of higher highs and higher lows. On May 31, the crypto's price rose to a high of $2.30 price level and was resisted. The market is on downward correction as at the time of writing, The bears have broken the 12-day EMA and the 26-day EMA to reach the bearish trend zone.

The crypto's price is below the EMAs which indicates that price is likely to fall. From the Fibonacci retracement levels, the price of SKY has broken the 0.236 and 0.382 Fib. retracement levels. These are continuation zones where the bullish trend can make an upward move. The SKY price has also broken the 0.50 and 0.786 Fib. retracement levels.

These are zones where the current trend is assumed to have ben reversed. Nevertheless, if the bearish trend is continuing, the price is likely to reach the 0.786 Fib. retracement level. in other words, the price will reach another low at $1.40 price level. Meanwhile, the crypto's price is in the overbought region of the daily stochastic but below 60% range. This implies that the crypto's price is in a bearish momentum and a sell signal.

SKY/USD Short-term Trend: Bearish

On the 1-hour chart, the SKY price was in a bearish trend. The crypto's price is in a smooth downtrend. The 12-day EMA and the 26-day EMA are  trending southward. The crypto's price fell to a low at $1.63 which was the previous low of May 24. Meanwhile, the SKY price is in the oversold region of the daily stochastic but 40% range which implies that price is in 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.