Skale Network Token (SKL) has seen a huge 96.5% correction from its all time high during the crypto bear market we are now experiencing. In March 2021 Skale Network Token reached an all time high of $1.24. Currently we are trading at $0.05 and investors begin to question if the token is now undervalued.
At the time of writing this Skale Network Token (SKL) is trading within a bullish reversal pattern known as a falling wedge. It seems likely that if we see continuation to the upside and if Bitcoin continues to break through resistances we may see a pump soon for Skale Network.
Skale Network must now respect the $0.043 support level in order to avoid further downside movement. I am expecting a $0.063 Skale Network price for July.
Cryptoassets are a highly volatile unregulated investment product.
Skale Network Price Prediction 2022
According to Coinmarketcap Skale Network has a market capital of $175 million. The total circulation is 3.65 billion which is 52% of the max supply of the token available. The previous market capital all time high for Skale Network was $1.05b, this is a huge milestone in itself. Interestingly this actually happened in April 2022.
Many altcoins have now suffered a correction beyond 90% which is typically normal for any low/medium market capital projects. The large movement could potentially signal a bottom in price as we begin to come out of the extreme fear phase, perhaps anticipating a relief bounce in the near future for Skale Network Token.
We have even seen investors such as Sam Bankman Fried recently state that there is light at the end of the tunnel. Could this mean a crypto pump is soon on the way?
Skale Network Token is potentially gearing up for a swing-high to around the $0.089 price level if we can see the technical price target confirmed from our falling wedge trading pattern.
Skale Network Token (skl-usd) – 4 Hour Time Frame
By measuring the depth of the falling wedge we can get a rough technical target which could create an impulse of around 43%. Although in the bearish scenario we have now tested the $0.0438 support level multiple times. Typically the more times we test a support level the more likely we are to break it. Though I do think it is unlikely as this was caused mainly by Bitcoin crossing the 200-week moving average.
If we can see a bullish reversal play out for Skale Network Token over the next few weeks I would speculate the Skale Network will slowly navigate its way back to around the $0.065-0.085 price levels.
Skale Network Video Analysis
Skale Network Token usually trades within large impulse waves followed by a big corrective wave. We haven’t yet seen Skale Network pump out of this extreme fear phase. I do think the falling wedge could be the inception of a strong reversal in the near future.
For long-term holders Skale Network Token could be seen as a high-risk and high-reward opportunity. Volatility has increased for SKALE but we are also much closer to fair value now.
What is Skale Network?
Skale Network likes to describe itself as a fully elastic network which brings scalability to Ethereum. The project strives to boost transaction capacity whilst reducing latency to ensure that payments can be complete at the lowest cost possible. This makes Skale Network a layer-2 scaling solution which enables developers to bypass congestion of the Ethereum mainnet.
The mission for Skale Network is that they want to ensure people can build and run DApps in a “decentralized modular cloud built for real-world needs and configured for your requirements.” This statement can be found on the Skale Network website. This reflects that the focus on decentralization is not at the expense of security.
According to Skale Network (SKL), developers who build on their platform can utilize Solidity smart contracts. These are known to be much much faster and deploy at a fraction of the mainnet cost. Skale Network uses proof-of-stake (PoS) to ensure that its network is also fully secure.
Cryptoassets are a highly volatile unregulated investment product.
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