SKYAI crypto returned to prominence following one of the market’s strongest rallies over the past 24 hours.
At press time, the crypto token traded at $0.04608 after gaining 43.92%, according to CoinMarketCap. The rally pushed SKYAI above its 20-day Exponential Moving Average (EMA) at $0.03814.
Meanwhile, Trading Volume increased 130.98% to $40.24 million, reflecting stronger market participation.
Why are SKYAI traders turning bullish?
The biggest shift came from the derivatives market.
Open Interest rose 70.03% to $13.5 million as SKYAI’s price advanced. This suggested traders opened new leveraged positions instead of merely closing existing ones.
Long positions also represented 54.76% of one-day positioning. Meanwhile, the Long/Short Ratio stood at 1.21. Both readings showed that leveraged traders increasingly favored further upside.
However, rising Open Interest alongside long dominance could increase liquidation risks if SKYAI reverses sharply.
Can SKYAI reach $0.15?
The daily chart showed SKYAI recovering from the demand zone around $0.025. Its move above the 20-day EMA marked an early improvement after weeks of weaker price action.
However, SKYAI remained within the chart’s broader descending structure.
The next major imbalance zone began near $0.15, although reaching it would require an approximately 226% rally. Before testing that zone, the altcoin must reclaim moving-average barriers around $0.091 and $0.130.
Overall, the price rally, expanding Open Interest, and bullish Long/Short Ratio supported stronger short-term momentum. Still, holding above the 20-day EMA could determine whether the recovery extends or quickly loses steam.
Final Summary
- SKYAI gained 43.92% to $0.04608 as Trading Volume surged 130.98% to $40.24 million.
- SKYAI must reclaim $0.091 and $0.130 before challenging the $0.15 imbalance zone.