$SKR +476% within one month | Breakout or reversal?
$SKR
It saw a massive recovery after dropping nearly 90% on a higher timeframe (HTF) from the January 21 high to the low on August 3 following capitulation.
Since then, prices have surged by about 476% in just one month, and they are now testing the critical top resistance at $0.043.
The main battle here:
A rejection at $0.043 could trigger a corrective move of 30–70%, taking profits for overextended buyers.
But a strong close on the HTF above $0.043, backed by strong/high liquidity/volume, could confirm a real breakout and open the door to price discovery.
Strong demand on the HTF is still present near $0.0095–0.0075.
After this strong expansion, chasing $SKR here offers a poor return-to-risk (R:R). My preferred setup is simple: breakout + strong volume + a successful retest.
Until this confirmation arrives, the risk of rejection remains high....
#SKR #CryptoTrading #Altcoins #CryptoAnalysis #BinanceSquare
$SKR
It saw a massive recovery after dropping nearly 90% on a higher timeframe (HTF) from the January 21 high to the low on August 3 following capitulation.
Since then, prices have surged by about 476% in just one month, and they are now testing the critical top resistance at $0.043.
The main battle here:
A rejection at $0.043 could trigger a corrective move of 30–70%, taking profits for overextended buyers.
But a strong close on the HTF above $0.043, backed by strong/high liquidity/volume, could confirm a real breakout and open the door to price discovery.
Strong demand on the HTF is still present near $0.0095–0.0075.
After this strong expansion, chasing $SKR here offers a poor return-to-risk (R:R). My preferred setup is simple: breakout + strong volume + a successful retest.
Until this confirmation arrives, the risk of rejection remains high....
#SKR #CryptoTrading #Altcoins #CryptoAnalysis #BinanceSquare