A widely respected cryptocurrency analyst has suddenly become bullish on a low-cost Ethereum (ETH)-based altcoin project.
Crypto strategist Michaël van de Poppe told his 719,400 followers on social media platform X that Ethereum sidechain Skale Network (SKL) could rise 150% from its current value.
“SKL looks really good. It has been rejected by the first resistance area but is on the edge of a serious breakout. This breakout is likely to lead to $0.20 in the coming months.”
Looking at the chart, traders are predicting that SKL will soon turn the key resistance level of $0.09 into support.
He also uses Fibonacci extensions to predict a massive breakout price target of $0.20. Fibonacci extensions are used in technical analysis to estimate profit targets and price declines. It is based on Fibonacci ratios.
As of this writing, SKL is trading at $0.080, down nearly 5% in the last 24 hours.
Skale Network aims to create a gas-free Ethereum Virtual Machine (EVM) compatible blockchain for scaling Ethereum. Instead of charging transaction fees to end users, SKALE generates fees by charging developers a fee for operating the SKALE chain.
According to the project developers, Skale Network reached 10 million unique active wallets (UAW) in the first quarter of 2024 and saved users more than $3.8 billion in gas costs.
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Featured image: Shutterstock/Yuliia Skliarenko/Fotomay