The cryptocurrency market today exhibits significant upward momentum in major altcoins following a recent correction. Skale (SKL) and Metis (METIS), two layer-2 tokens, are also back on a growth path.
Skale (SKL) Token
SKL's price action is displaying renewed strength as it successfully broke out of a falling wedge pattern, typically associated with bullish reversals. The breakout was confirmed at the $0.046 level, where it also crossed the 25-day Simple Moving Average (SMA). SKL additionally broke through the horizontal resistance zone at $0.05190, pushing the price to a local high of $0.064. The token is currently retesting the breakout zone around $0.053. If SKL holds above this zone and rebounds, it could target the next resistance at $0.070, representing a potential 32% upside. Otherwise, the token may return to test its descending trendline. The MACD is currently bullish, indicating potential for further price increase.
Metis (METIS) Token
Metis (METIS) is showing a similar setup, consolidating near the upper resistance line of its falling wedge pattern, trading around $35.80. A breakout above the wedge could push METIS toward its first intermediate resistance at the 100-day SMA, approximately $39.15. If METIS surpasses this level with strong momentum, further upside targets include $43 and $50, offering a potential 40% gain from current prices. The MACD is displaying early bullish signals.
Conclusion
Both SKL and METIS are exhibiting bullish patterns with robust technical setups. While SKL has already broken out and is testing higher levels, METIS remains on the brink of a potential breakout. Investors should monitor these key levels and market changes for more accurate predictions.
SKL and METIS show bullish patterns after a breakout. Investors should keep an eye on key levels and market dynamics for better forecasts.
