- The medium-term outlook is in the uptrend while short-term outlook is in a range-bound market.
- Responsible buying may be considered at key demand areas.
SKY/USD Medium-term Trend: Bullish
Supply zones: $2.00, $2.20, $2.40
Demand zones: $1.00, $0.80, $0.60
SKYUSD is in a bullish trend in the medium-term outlook. The formation of the tweezer bottom after bearish exhaustion at $1.74 as markets opened today returned the bulls. Price rose initially to $1.40 and to $1.45 in the supply area after the break of the resistance at the 10-EMA.
The momentum may be sustained in the medium-term with confirmation from the stochastic oscillator as its signal points up at 35% suggest upward momentum in price.
Price is above the 10-EM an indication of bullish pressure. The 50-EMA area at $1.53 remains a target for the bulls’ as the journey up north is intensified in the medium-term.
SKY/USD Short-term Trend-Ranging
The cryptocurrency is in a range-bound market in the short-term outlook. The bulls had a good run as the market opened today at $1.80. The resistance at the 10-EMA was initially broken and later that of the 50-EMA due to increased bullish momentum. Price rose to $1.45 within the range.
The stochastic oscillator signal is in a parallel line at 84% in the overbought region which reflect the ranging scenario.
SKYUSD is in consolidation and trading between $1.50 in the upper supply area and at $1.30 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.
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