Is this aggressive sell-off finally losing steam, or is it just the calm before another drop?
Analyzing the $SKYAI USDT perpetual chart , the asset has taken a massive hit, down over 24% today and trading around 0.12944. After cascading heavily from a 24-hour high of 0.17190, the price seems to be flattening out over the last few 1-hour candles near the 24-hour low of 0.11657.
My current market view is focused on this consolidation phase. I am watching this setup closely to see if buyers can form a solid baseline above 0.12000, which might open up a potential relief bounce scenario. However, if the current minor 1-hour recovery fails to hold and we break below today's low of 0.11657, the bearish continuation could extend.
I am considering a position only if conditions confirm a clear structural shift or a strong bottom formation. What is your strategy here? Are you catching this knife or waiting for a confirmed trend reversal?
Analyzing the $SKYAI USDT perpetual chart , the asset has taken a massive hit, down over 24% today and trading around 0.12944. After cascading heavily from a 24-hour high of 0.17190, the price seems to be flattening out over the last few 1-hour candles near the 24-hour low of 0.11657.
My current market view is focused on this consolidation phase. I am watching this setup closely to see if buyers can form a solid baseline above 0.12000, which might open up a potential relief bounce scenario. However, if the current minor 1-hour recovery fails to hold and we break below today's low of 0.11657, the bearish continuation could extend.
I am considering a position only if conditions confirm a clear structural shift or a strong bottom formation. What is your strategy here? Are you catching this knife or waiting for a confirmed trend reversal?