What Is SKALE?
SKALE is a network that functions with Ethereum, with a leaderless consensus system that can scale to an unlimited number of independent nodes. Each of them will supply resources to a number of high-performance, decentralized, elastic blockchains.
Skale Price Prediction: Introduction
Skale price prediction is back on the radar of crypto investors seeking to find the next big thing to elevate their crypto holdings. The network is breaking boundaries in its quest to eradicate the limitation of traditional blockchain development. Everything is working out for the Skale network.
According to data available on CoinMarketCap, this altcoin is trading at about $0.1103, which is quite the drop from its peak performance this year. Regardless, it maintains a comfortable lead commanding a market cap of more than $356 million, and a fully diluted market can consist of nearly $800 million.
The Skale network is designed to offer developers a solution to building better blockchain-based applications. It delivers resources that are helping power the booming of DeFi and NFT in the crypto-universe. Is $1 SKL price prediction realistic? Here’s your answer.
Skale Price Prediction: Technical Analysis
How high can Skale go? As you can tell from the chart below, SKL is highly volatile. It is not simple to predict its value in advance. That’s why it is worth considering all possibilities in charting the path ahead for Skale. Let us start with the technical analysis by exploring the monthly timeframe to identify the long-term Skale trend.
It is clear from the above chart that the bullish trend had been developing in March 2021. Since early February, the trend has strengthened; but in April, the price action had turned down, as the chart shows. The price of SKL has been trading down from its record-setting move that saw the crypto trade at $1.3777 at one point.
The price of SKL has been falling close to a historical support line at $0.1738, which Skale price prediction determines to be the next significant buy signal. Judging from the strength of the downtrend, SKL could burst below the support line with swift price correction following to resume growth.
So far, SKL has not exhibited any worthwhile trend reversal patterns. However, a reversal signal might emerge in the future as price breaks the trendline. If so, SKL will head for the support level before bouncing back. To find the most realistic SKL price prediction, we can shorten our timeframe.
A clearer SKL price prediction can be suggested after the price breaks out the resistance level at $0.457. One more signal of impending growth can be sent by the MACD, but as it is a lagging indicator, there might not be any concrete reversal signals for Skale.
In the meantime, there is a dramatic struggle between the buyers and sellers where the bearish movement seems to get the better end of the deal. The support level must be retested soon as SKL can’t pull away from its current levels, as the RSI levels reveal.
The most likely Skale price prediction will continue developing in a flat range, and the late July pattern may become the likeliest one. We can single out drastic growth and fall in the chart above, which can be considered the bull’s failed attempt, but SKL seems to be clearing this stage soon.
As the late-July pattern also reveals, the period of weak performance is almost followed by attempts of revenge and pullbacks of hopes that successfully neutralize bears. A consolidation period is likely to follow a retest of the support line. This stage may result in powerful momentum in any direction, but based on the chart structure, the most realistic forecast is bullish in the long run.
Skale Price Prediction: Market Opinions
With Skale going rapidly up and down, it is nearly impossible to tell the next move correctly. In this section, we have compiled analyses from some of the top industry traders and publications.
Overall, experts from WalletInvestor suppose that SKL will grow extremely slowly in 2021, but they expect no sudden downfall following the expected support retest. The SKL price prediction for the next year is $0.630. In December 2021, the world will see SKL trading at $0.308.
Gov.Capital expects SKL to rise in the months leading up to the end of 2021. The slow but steady uptrend will continue till the start of January and will average $0.496. The $0.457 line will be crossed as SKL moves to record a $0.590 price tag within a year.
CoinCodex shows less optimistic figures, even though it expects growth too. October is going to end on a low note of $0.26. The last days of the year will bring the lowest price of $0.21, but in 2022, SKL will be a bright shining star as it moves to close just above the $0.457 resistance line.
Digital Coin Price
According to DigitalCoinPrice, SKL will be among the few cryptocurrencies to end the year on a bullish note. The SKL price prediction for 2021 is $0.431, but the analysis anticipates a fall during the start of 2022, which will be followed by a swift recovery to propel SKL to $0.516 by mid-2022.
MarketRealist experts are sure that SKL’s rise will occur sometime in 2022. The analysts provide a strong bullish outlook for Skale, predicting the cryptocurrency could be valued at $1 by the end of 2022. Likewise, the short-term project for 2021 is still bullish with expected falls.
Cryptocurrency trading analysts TheCardiak also projects a bullish sentiment on Skale in the long term. His idea is for SKL to run to $0.618 by the end of 2021 before a rejection at the Fibonacci level. However, the long-term target is a price tag of $3 by 2022.
Likewise, AlphaTrendMark is also bullish on Skale price prediction. According to his analysis, a price breakout will be the ideal signal to buy and watch the surge in price. Based on SKL performance in Q2, the technical analysis is quite a on point with his idea.
Latest News and Happenings Concerning Skale
As NFT continues to grow in the interest of the public, Skale is doubling its efforts to ensure that the best is minted on the network at zero gas cost. Currently, NFTs are the fastest growing facet of the Skale ecosystem because Skale offers special properties that allow the network to securely hold the asset directly on the chain. That way, it allows brands, artists, and creators to mint, transact and manage all assets seamlessly.
Skale price prediction is also banking on the idea that the network could be approaching a significant milestone, which will solve Ethereum’s scalability challenges. By deploying Skale for gasless fast transactions and compatibility with Solidity will make it easy for developers to build an application on top of the ecosystem. The network also provides support for some of the popular developer toolkits such as Remix, Truffle, Web3.py, Web3.js, Hardhat, and EtherJs.
In that effect, traders are increasingly growing in confidence that Skale has a way it takes to break out against Bitcoin and the dollar, even if the Bitcoin price prediction is really good. According to DailyHodl, Skale is among the top 5 altcoins to watch towards the end of 2021. The analysts predict that Skale could bear the qualities to build another significant run that could boost the crypto to break past $1.
Skale Price Prediction: Verdict
Seeing how DeFi and NFTs are becoming the unlikely stars of the blockchain revolution, investors want to know where SKL will be valued next year. Skale price prediction offers similar outlooks on the future of cryptocurrency, which includes as many bullish days as bearish days. Assuming the crypto could climb up by only 10%, the above SKL price prediction is relatively accurate.
Featured image: skale.network.com