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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:
- SKL market value declined by 4.31% in the last 24 hours.
- The sellers break below the consolidation range.
- The 24-hour trading volume of Skale Network is $36.48 Million, indicating a rise of 52.7%.
Past Performance of SKL
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%. 
Source-Tradingview
SKL Technical Analysis
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.
Upcoming Trend
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