A technical analysis of the SKL/USDT pair has been made on the chart and indicates that price movements may be upward. Let's evaluate a detailed technical analysis, support and resistance levels, indicators and formations:
Technical Analysis:
1. Support and Resistance Levels:
• Support Level: The price is currently attempting to break a key resistance level, but in case of pullbacks, support can be found around USD 0.036. This level is seen as a critical area where the price could recover and move upwards.
• Resistance Level: If the upward movement continues, the price is expected to first encounter a resistance around 0.055 USD. This region stands out as the first major resistance that the price may test.
2. Formations:
• Falling Channel: The falling channel formation, clearly seen on the chart, indicates the start of a new trend if the price breaks upwards. Currently, the price is testing the upper limit of this channel and a strong rise may begin with the upward break.
3. Indicators:
• Although the indicators are not clearly shown on the chart, a price breakout from a falling channel formation usually signals the beginning of positive momentum. Volume and other momentum indicators can support this breakout.
Goals:
• Short Term Target: The first target is set at 0.055 USD. This will be the first major resistance the price will encounter in its upward movement.
• Medium Term Target: If the 0.055 USD level is breached, there is potential for the price to move higher in the longer term, but at this stage the analysis on the chart is more
