SKY/USDT daily chart looks bearish in the short term, but it is also approaching an area where a relief bounce could occur.
What the indicators show
🔴 Trend
Price has fallen from about 0.090 to 0.0645.
Lower highs and lower lows are intact.
The Parabolic SAR dots remain above price (SAR ≈ 0.0705), indicating the downtrend is still active.
🔴 MACD
MACD is below zero.
Histogram is still negative.
Selling momentum has slowed, but there is no bullish crossover yet.
🟡 RSI
RSI(6) ≈ 13.8, which is deeply oversold.
This suggests sellers may be exhausted in the near term.
Oversold does not guarantee a reversal, but it often precedes a bounce.
Key Levels
Immediate support: 0.0640–0.0644
Next support: 0.0600
Resistance: 0.0688–0.0705
Major resistance: 0.074–0.080
Outlook
Short term (next few days):
Probability favors a technical bounce toward 0.068–0.070 because RSI is extremely oversold.
Confirmation would require a strong green candle and improving MACD.
Medium term:
Trend remains bearish until price reclaims and holds above 0.0705 (SAR level).
A break below 0.0640 could lead to another leg down toward 0.0600.
Aggressive traders: May look for a bounce setup due to the oversold RSI.
Conservative traders: Wait for a daily close above 0.070–0.071 before considering the trend to have improved.
$SKY
What the indicators show
🔴 Trend
Price has fallen from about 0.090 to 0.0645.
Lower highs and lower lows are intact.
The Parabolic SAR dots remain above price (SAR ≈ 0.0705), indicating the downtrend is still active.
🔴 MACD
MACD is below zero.
Histogram is still negative.
Selling momentum has slowed, but there is no bullish crossover yet.
🟡 RSI
RSI(6) ≈ 13.8, which is deeply oversold.
This suggests sellers may be exhausted in the near term.
Oversold does not guarantee a reversal, but it often precedes a bounce.
Key Levels
Immediate support: 0.0640–0.0644
Next support: 0.0600
Resistance: 0.0688–0.0705
Major resistance: 0.074–0.080
Outlook
Short term (next few days):
Probability favors a technical bounce toward 0.068–0.070 because RSI is extremely oversold.
Confirmation would require a strong green candle and improving MACD.
Medium term:
Trend remains bearish until price reclaims and holds above 0.0705 (SAR level).
A break below 0.0640 could lead to another leg down toward 0.0600.
Aggressive traders: May look for a bounce setup due to the oversold RSI.
Conservative traders: Wait for a daily close above 0.070–0.071 before considering the trend to have improved.
$SKY