Skychain Technologies Inc is involved in the business of providing services to cryptominers all-in-one solution by offering warehouse space, low-cost electricity, and maintenance and hosting services. The company provides power and energy solutions for large scale mining farms to help optimize mining power consumption.
Symbol: SCT.v
Market Outlook:
Skychain Technologies Inc continues to trade above the 21sma on the daily which indicates bulls are still in control, this Bitcoin related play is relatively undiscovered compared to it’s peers that have seen exponential larger increases then SCT. With Bitcoin making new highs over the weekend coupled with the very tight share structure of 14.99M we believe this stock has a lot more room to run. They recently announced a private placement at 0.95 and has created a nice base off that level.
Support: $0.98 | $0.95 | $0.80
- 21sma – $0.98 (Daily)
- Long Term Support Level – $0.95 (Daily)
Resistance: $1.15 | $1.30 | $1.65 | $1.78
- 100SMA – $1.65 (Monthly)
- Key Resistance – $1.15 | $1.30 | $1.65 (Monthly 100SMA)
Technicals:
SCT.v saw a nice volume spike on Firday with Bitcoin putting in a +4% day, and with bitcoin continuing to run higher over the weekend putting in a new all time high we believe SCT.v has increased potential to continue higher out of this consolidation pattern. We continue to watch the key resistance levels of $1.15 and $1.30 as a break above will indicate the share price will be headed for the $2 level. With a very tight share structure of 14.99M outstanding shares a little volume increase will propel this stock very fast.
Market Cap – $17.99M
O/S – 14.99M
Current Shorts – 9,167 shares
Sentiment: BULLISH
