SKL price shows a bearish takeover resulting in a consolidation breakout within a falling channel pattern promoting a downfall to $0.057.

Key technical points:
<ul>
 	<li style="font-weight: 400">SKL market value declined by 4.31% in the last 24 hours.</li>
 	<li style="font-weight: 400">The sellers break below the consolidation range.</li>
 	<li style="font-weight: 400">The 24-hour trading volume of Skale Network is $36.48 Million, indicating a rise of 52.7%. </li>
</ul>
<h2>Past Performance of SKL</h2>
SKL prices showcased a bearish takeover after buyers failed to surpass the $0.30 resulting in a falling channel pattern formation. The bearish pattern accounts for a downfall of 77% within the last two months. Moreover, the recent fallout of the consolidation range above $0.077 with a bearish candle of 18%.

<img src="https://s3.tradingview.com/snapshots/v/V4PSStPJ.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/V4PSStPJ/">Tradingview</a>
<h2>SKL Technical Analysis </h2>
SKL price breaks under the crucial support level of $0.077 and shows increased chances of continued downfall to reach the $0.057 mark. It is evident by the higher price rejection we see in the daily candles and a potential threat of another bearish candle formation.

The MACD indicator shows the fast and lines slow lines on the verge of a bearish crossover supported by the falling trend of histograms. The potential downfall in the MACD lines will reflect a solid underlying bearishness and promote a downfall to $0.057.

The Vortex indicator shows the VI lines sharply avoiding a bullish crossover and regaining a bearish alignment. Furthermore, the Stochastic RSI indicator shows a falling trend of the K and D lines in the overbought territory marking the start of a downtrend.   

In a nutshell, the SKL technical analysis suggests a high possibility of a downtrend reaching the $0.057 mark. 
<h2>Upcoming Trend</h2>
Suppose the sellers continue to maintain the pressure a downfall to the $0.057 mark and increase the fallout chances to reach $0.050. However, an unlikely bullish reversal will retest the broken support level of $0.070.

Resistance Levels: $0.077 and $0.10

Support Levels: $0.057 and $0.050

SKL Technical Analysis: Selling Spree Fastens Within Falling Channel 

SKL price shows a bearish takeover resulting in a consolidation breakout within a falling channel pattern promoting a downfall to $0.057.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

SKL Technical Analysis: Selling Spree Fastens Within Falling Channel

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