Price Predictions

Skale Network (SKL) Price Prediction Weekly (June 2022): SKL Price Testing Crucial Levels, May Slide Down Below INR 3!

Skale Network (SKL) Price Prediction

Key Takeaways: 

  • The Skale Network (SKL) price closed the previous day’s trade at INR 4.52 with a market capitalization of INR 16.13 billion and a circulating supply of 3.53 billion SKL
  • The SKL price after a huge drop of 40% aims at an equal rebound and regain the lost levels above INR 5 at the earliest
  • While the bears still appear to be active, the descending trend could again cause another drop of nearly 15% to 20% until the weekend

Skale Network Price Analysis:  Will SKL Price Hit INR 10 This Week of June?

The beginning of the year and specifically the start of May’s trade was extremely bearish for the Skale Network as the prices slashed by nearly 60%. Since the beginning of June, it appeared that the prices may rise slowly but the Celsius Network crisis dragged the price lower by another 40%. Currently, some of the bulls appear to have stepped in but the bear still maintains a significant dominance.

The SKL price has rebounded from the lows below INR 3.5, but the momentum is still bearish. Therefore, the possibility of the bears outperforming the bulls may be expected any time from now. Hence, the descending consolidation is expected to continue throughout the week as the asset appears to be primed to revisit lower support below INR 4 again.

Skale Network Price Prediction: SKL Price Trend Comparison with DOT (Last 30 Days)

Source: Tradingview

  • Skale Network & Polkadot are considered the tough competitors in the crypto space along with Solana
  • The beginning of the year 2022 was pretty bearish for both the tokens which were later fueled by a couple of events like the LUNA-UST and Celsius Network crisis
  • Currently, both the assets are attempting to stabilize the descending trend to a large extent with a strong rebound 
  • The SKL price after consolidating below -45% for a month dropped down to -70% and currently trading at -63.19%
  • On the other hand, DOT price also displayed a similar trend and dropped to -62.23% from -40% and presently trading at -56.92%

Correlation of SKL/USDT and SKL/BTC (Last 30 Days)

Source: Tradingview

  • Skale Network after witnessing a drastic drop in both the trading pairs is attempting to flip from the bearish trend
  • The month-long consolidation appears to have mounted some strength and hence the recent market crash could not squeeze out huge gains
  • Also, the bulls appear to have stepped in as significant buying volume also have been accumulated of-let
  • The SKL/USDT pair consolidated between -45% and -62% for a long time and dropped to -70% and currently flipped slightly to trade at -63.37%
  • The SKL/BTC pair also maintained a narrow trend for a long between -29% and -50% and now rebounded to achieve -34.12%.

Top Gainers & Losers of the Week

Top Gainers

Crypto Price* 7-Day Percentage Change
Uma(UMA) INR 227.83 -9.5%
Helium (HNT) INR 810.31 -6%
Skale Network(SKL) INR 5.05 -12.6%
Kyber Network(KNC) INR 119.95 -24%

Top Losers

Crypto Price* 7-Day Percentage Change
Flamingo Finance(FLM) INR 9.82 +17.8%
Monero (XMR) INR 9,533.3 -39.92%
Tron (TRX) INR 4.63 -33.15%
Gala (GALA) INR 5 -25.04%

*Prices are of 15 June 2022 at 10 am

What’s New on CoinDCX? New Coin Listings on CoinDCX App

Crypto Price*
Band Protocol (BAND) INR 114.84
SKALE Network (SKL) INR 5.08
Moonbeam (GLMR) INR 70.68
Livepeer (LPT) INR 655.65

*Prices are of 15 June 2022 at 10 am

Download CoinDCX App, India’s highest valued crypto investment app. 


Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].

The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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