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SKALE Network Breakout Analysis – SKL Pumps +173% on Binance Launchpad
After the launch of Skale Network on Binance Launchpad today, SKL took a strong Breakout with +173% gains in a single day. Let’s take a quick look at SKL, price analysis, and possible reasons for the recent breakout.
What is Skale?
SKALE Network’s modular protocol is one of the first of its kind to allow developers to easily provision highly configurable blockchains, which provide the benefits of decentralization without compromising on computation, storage, or security.
Skale Quick Stats
| SYMBOL: | SKL |
| Global rank: | 269 |
| Market cap: | $62,644,180 AUD |
| Current price: | $0.1138 AUD |
| All-time high price: | $0.1969 AUD |
| 1 day: | +173.26% |
| 7 day: | +255.70% |
| 1 year: | +256.74% |
Skale Price Analysis
At the time of writing, SKL is ranked 269th cryptocurrency globally and the current price is $0.1138 AUD. This is a +173.26% increase since the launch of its ICO at Binance Launchpad today (1 December 2020). Have a look at the chart below for price analysis.
After the launch of Skale on Binance Launchpad, It pumped up to $0.1912 AUD having +385% gains in just a few minutes and the initial opening price of SKL was $0.0413 AUD at Binance Exchange with many different trading pairs like SKL/BTC, SKL/USDT, and SKL/BUSD.
Currently, SKL is trading at $0.1138 AUD price levels after breaking out the squeeze resistance in its sideways trend & now heading towards its all-time high price.
What do the technical indicators say?
The Skale TradingView indicators (on the 1 day) mainly indicate SKL as a strong buy, except the Oscillators which indicate SKL as a neutral.
So Why did Skale Breakout?
After the opening at Binance Launchpad, mostly ICO’s pumps after going live on exchange for trade and, the recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. It could also be contributed to some recent news where Skale gets listed on more exchanges.
Recent Skale News & Events:
- 18 Nov 2020 – Skale Network AMA Session
- 22 Nov 2020 – Ethereum & Skale Network Use cases
- 30 Nov 2020 – Portfolio Spotlight: Skale
- 1 Dec 2020 – Skale Network Listed on More Exchanges
Where to Buy or Trade Skale?
Skale has the highest liquidity on Binance Exchange so that would help for trading SKL/USDT or SKL/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
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