After a 12% Lift-Off, Will SKY Break Through the Clouds?

• SKY is trading at $0.08720, after a rally of over 12%.
• The daily trading volume has decreased by over 26%.

The volatile crypto market is swinging between the red and green candlesticks. The crypto asset prices display mixed signals. The largest assets, like Bitcoin (BTC) and Ethereum (ETH), trade on the downside. Among the altcoins, SKY has emerged as one of the top gainers. It has marked a 12.10% jump within the last 24 hours.

In the early hours, the asset traded at a low of $0.07776. SKY has broken through the crucial $0.078 and $0.089 resistance levels, and gradually climbed to a daily high of $0.09001. With the next key resistance in sight, SKY may lead the way for additional gains.

At the time of writing, SKY trades within the $0.08720 range, with its market cap reaching $1.85 billion. In the meantime, the daily trading volume has increased by over 26.95%, touching $8.93 million.

With the 23.56% surge over the last seven days, SKY’s weekly low and high were marked at the ranges of $0.070 and $0.090, respectively.

Where is SKY Heading Next?

The four-hour trading window of SKY exhibits a brief positive outlook. The asset’s price might climb and test the nearby resistance range at $0.08745. With the prolonged bullish pressure, the asset could initiate the emergence of a golden cross. It may move up to the next resistance level and attempt to trade at $0.088.

On the downside, the potent market trend reversal would likely nullify the recent gains. The asset’s price might plunge toward the support level at the $0.08685 level. A steady correction on the downside could push the SKY price down toward the $0.08650 mark or even lower, with the formation of a death cross.

SKY chart (Source: TradingView)

In addition, SKY’s Moving Average Convergence Divergence (MACD) line has crossed over the signal line. This crossover generally indicates a brief bullish momentum, and the asset’s upward momentum may continue. Besides, the Chaikin Money Flow (CMF) indicator stationed at 0.08 suggests that the money is flowing into the asset, with moderate buying pressure in the market.

SKY’s daily relative strength index (RSI) at 57.58 hints at a slightly bullish sentiment. It has the potential to gain more upward strength. Moreover, the Bull Bear Power (BBP) value at 0.00483 is barely above neutral, signalling an early sign of momentum building.

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