Date: Sun, Jan 26, 2025, 12:15 PM GMT
In the cryptocurrency market today, we are witnessing significant upside momentum in major altcoins after facing a continuous correction this month.
Following this, two layer-2 tokens, Skale (SKL) and Metis (METIS), are back on the green track. SKL has led the charge with an impressive 30% surge following a key breakout, while METIS is up 3.64%, signaling that it might replicate SKL’s bullish move soon.
Skale (SKL)
SKL’s price action is showing renewed strength as it successfully broke out of a falling wedge pattern, a structure often linked to bullish reversals. The breakout was confirmed near the $0.046 level, where it also crossed the 25-day Simple Moving Average (SMA).
Adding to the momentum, SKL breached the horizontal resistance zone at $0.05190, pushing the price to a local high of $0.064. The token is now retesting the breakout zone around $0.053.
If SKL manages to hold above the retest zone and rebounds, it could target the next resistance level at $0.070, representing a potential 32% upside. Conversely, failure to maintain this level may result in SKL falling back to test its descending trendline.
The MACD is currently bullish, with the histogram in the green zone and the MACD line crossing above the signal line. This setup signals growing positive momentum that may support further price gains.
Metis (METIS)
Metis (METIS) is mirroring a similar setup, consolidating near the upper resistance line of its falling wedge pattern, currently trading around $35.80. This position signals a potential breakout opportunity in the near term.
A breakout above the wedge pattern could push METIS toward its first intermediate resistance at the 100-day SMA, around $39.15. If METIS clears this level with strong momentum, further upside targets include $43 and $50, offering a potential 40% gain from current prices.
The MACD is showing early bullish signals, with the MACD line approaching the signal line. An upward crossover could further validate the bullish thesis.
Conclusion
Both SKL and METIS are exhibiting bullish patterns with strong technical setups. While SKL has already broken out and is testing higher levels, METIS remains on the verge of a potential breakout. Investors should monitor these key levels and patterns to anticipate the next moves.
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