Crypto Analysis | SPS Make Or Break Moment
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This is your chance SPS, don't mess it up!
SPS is now sitting on a good retracement area, but should it head any lower than 1.8 cents, SPS will not be able to break out of its downward slope, once again. But everything I am seeing is pointing to breaking this curse. So let's recap:
- the breakout of the falling wedge happened
- now we are testing the support for SPS at these price levels. Interestingly, I drew in the green supporting trend line well before the current support sitting on exactly this line. We can see that price has now made a retracement to the 0.236 fib ratio which often signals a reverse.
Overall this price development is actually quite "healthy". Price broke out from 1.5 cents to around 2.5 cents and corrected back to 1.8 cents. That is still a 14% gain in under 2 months. This might not seem much, but keep in mind that the inflation for SPS is absolutely massive with around 1M distributed daily. Any stabilizing price action should therefore be welcomed. This is even better as the burn mechanism has not even been introduced yet (DEC has to go to peg for that).
But... should SPS head lower than current levels it is looking rather not good. Price needs to stabilize and not make a lower low, if we want SPS to succeed. Sure, there is always time for that to happen in the future, but a new ATL would be extremely damaging for the game's economy and reputation. The silverlining is that DEC is probably going to peg with LAND 1.5 as well as the addition of SOULKEEP soon. This should be enough for the buying pressure for SPS to exceed the selling pressure. Fingers crossed!
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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It will be a make-moment for sure.
Right now it's a good opportunity for us if we put money into it, in the next few time we will see that when new people come in, we will see a lot of increase in its value.
@tipu curate