From Lows to Moonshot – How Skale Network's Price Gained 60%

Key Takeaways

The Skale Network (SKALE) price is up 60% today.
SKALE bounced after falling to a new all-time low.
What’s behind the Skale Network price increase?

The Skale Network (SKALE) price surged by 60% today, defying a correcting crypto market.

Interestingly, the Skale Network move is not driven by news, something expected for a pump of this scale.

“It Remains”, a transmedia franchise, announced a partnership with Skale Network on Aug. 12.

However, the pump happened two days afterward, rendering it unlikely that the announcement was the catalyst.

With that in mind, let’s analyze the charts and see if SKALE can sustain its bullish trend reversal.

Skale Network Bounce

The weekly time frame analysis shows that the Skale Network price fell to a new all-time low of $0.015 in June, breaking from the $0.020 horizontal support area.

However, the breakdown was not legitimate, since the SKALE price reversed almost immediately afterward.

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A slight bounce followed, reclaiming the $0.020 horizontal support area.

Then, Skale Network went ballistic today, increasing by 60% and breaking out from a 16-month resistance trend line.

Even though there are three more days until the weekly close, it is almost a foregone conclusion that SKALE will confirm the breakout, since it only needs to close above $0.030 to do so.

Momentum indicators predicted the rally perfectly. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) created bullish divergences (orange) before the rally, legitimizing the breakout.

So, the long-term Skale Network price prediction is bullish, suggesting a rally toward $0.082 will follow.

Let’s look at the short-term chart to see if an initial dip is to be expected.

SKALE Correction Incoming?

The shorter-term six-hour chart puts the brakes on the extremely bullish weekly one.

This is because wave three may have ended while the Skale Network price has started a five-wave upward movement.

With a high of $0.050, wave three had 2.61 times the length of wave one.

This is a common target for an extension and can lead to a corrective wave four.

Skale Wave Count — SKL/USDT Six-Hour Chart | Credit: Valdrin Tahiri/TradingView

If that happens, SKL could fall toward $0.038 before eventually resuming its ascent.

On the other hand, another extension could take the Skale Network price to $0.060.

As it stands, this is less likely than a correction.

Dip Before Pump

SKALE’s breakout above a long-standing resistance could lead to more upside, possibly toward $0.082, but the rally might pause for a quick pullback.

A dip toward $0.038 wouldn’t be unusual before the next push higher.

The coming days will be key in determining whether the trend is bullish.

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Disclaimer: The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.

About the Author

Valdrin Tahiri

Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.

He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.

Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.

He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.

[email protected]

X.com

Skale Network (SKALE) Price Up 60% – Here’s What Fuels the Rally

Skale Network Bounce

SKALE Correction Incoming?

Dip Before Pump

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