SKY Rockets as Traders Chase USDS Staking Rewards—Because Who Needs Bonds?

SKY token surges ahead of the pack after unveiling juicy USDS staking incentives. Move over, traditional finance—crypto’s latest yield play is stealing the show.

Staking rewards spark frenzy: Investors pile into SKY as the project rolls out its USDS staking program. The market’s response? A classic crypto bull run—fast, furious, and slightly irrational.

DeFi’s yield game evolves: While Wall Street fights over basis points, crypto projects keep rewriting the rules. This time? A staking mechanism that’s got traders ignoring volatility like it’s 2021 again.

Just remember: In crypto, the only thing more predictable than a staking boom is the eventual correction. Enjoy the ride—while it lasts.

SKY Climbs as Bulls Regain Control

The rollout of the new staking incentives has sparked renewed interest and buying pressure in SKY. As of this writing, the altcoin trades at $0.0744, climbing by 13% over the past day. 

On the daily chart, readings from the token’s Elder-Ray Index confirm the SKY demand spike. The indicator has posted a slightly taller green histogram bar compared to the previous session, signaling increasing buying power among market participants. As of this writing, SKY’s Elder-Ray Index is 0.0069.

The indicator gauges the strength of bulls and bears in the market. When it prints green histogram bars, it indicates strong buyer dominance and rising upward momentum. This hints at the possibility of SKY’s sustained rally.

Moreover, the altcoin’s rising Relative Strength Index (RSI) highlights the demand backing the token’s rally. This key momentum indicator stands at 59.76, reflecting the surging buying pressure. 

The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100, with values above 70 suggesting that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.

At 59.76 and climbing, SKY’s RSI signals a steady rise in token accumulation, a trend that could support its continued price growth.

SKY Clears Short-Term Resistance With Double-Digit Gain

SKY’s double-digit rally has pushed its price above the 20-day exponential moving average (EMA). This key moving average now forms dynamic support below the token’s price at $0.0698. 

The 20-day EMA measures an asset’s average price over the past 20 trading days, giving weight to recent prices. When price trades above the 20-day EMA, it signals short-term bullish momentum and suggests buyers are in control.

If this continues, SKY could break above $0.0746 and extend its rally to trade at $0.0778.

However, if profit-taking resumes, the SKY token price could fall to $0.0724.