Green in a Red Market: Can SKY’s Momentum Cut Through the Cloud After a 8% Jump?

• SKY is trading at $0.066 after a 8% jump.
• The 24-hour trading volume stands at $21M.

A 1.11% spike in the volatile crypto market comes as no surprise, with the prices oscillating between red and green candlesticks. With this, the overall sentiment lingers in the fear zone. Currently, most tokens are charted in green but could turn red at any time as they attempt to break free from bear-driven momentum.

Among the altcoins, SKY has registered a 8.47% jump within the last 24 hours, diverging from the broader trend. In the early hours, the asset traded at a bottom level of $0.06139, and with the asset breaking through a few crucial resistances, the price climbed to a high range of $0.06678. 

The CoinMarketCap data has reported that at the time of writing, SKY trades at around $0.06675, with its market cap staying at $1.53 billion. In the meantime, the daily trading volume of the asset has decreased and notably reached the $21.31 million mark.

With the active bullish trading pattern of SKY, the price could mount and test the significant resistance at $0.067. Upon the bulls gaining more traction, it initiates the emergence of a golden cross, and triggers the price to move up to attempt trading above $0.068. 

On the downside, a reversal might take off the recent gains. The SKY price is likely slip to the support at the $0.065 level. If the bearish correction strengthens, the death cross could take place, and the potential bears push the price down toward $0.064 or even lower. 

SKY Momentum Shows Signs of Bullish Strength

SKY’s Moving Average Convergence Divergence (MACD) crosses above the signal line, implying bullish momentum. This crossover shows that the price may continue to move higher, and it is an early sign of a potential uptrend. 

SKY chart (Source: TradingView)

In addition, the Chaikin Money Flow (CMF) indicator is resting at -0.08 points to mild selling pressure in the asset’s market. The capital is flowing out of the asset, with limited downside pressure rather than aggressive distribution. 

The daily Relative Strength Index (RSI) of SKY at 58.24 indicates moderate bullish sentiment. As it is trading above the neutral zone, buying pressure is growing. It leaves room for further upside if momentum continues. Notably, the Bull Bear Power (BBP) reading at 0.00214 suggests slight bullish dominance. Also, the market lacks strong commitment, and it may need more momentum to confirm a sustained move upward.

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