Crypto Analysis | SPS Reaches New Low - Still Hope For Higher Highs?
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Yep, it's not the title I wanted to use for my next SPS post, but here it is
SPS made a new all time low at around 10.3 cents some days ago :/ So is SPS the token that just keeps crashing? Looking at the chart, it certainly looks like that. The last time I gave these scenarios:
I was leaning to the blue one, but instead we got the red one. However, I don't think that SPS will just continue to keep crashing, especially since the market at large is not in a bear market (yet).
Drawing the new trend lines for SPS gives a good insight into where things could be heading from here on.
We see the dotted trend lines which create a downward facing wedge. The second break out did not occur (yet), and so price was rejected. In my analyses I am always looking for patterns, and what I am seeing here is the repeat of the same fractal shown on the left:
We bascially see the same pattern/shape. A downward facing wedge in which prices reached a new all time low. But then there was the trend reversal. Prices broke out to the top and went straight up. Could we be seeing this again soon? If so, I would expect something like this:
Note, however, that price could reach to lower lows before something like this could happen. Extrapolating the price it could therefore go to ~8 cents before such a trend reversal could set it. The stronger support is from the dashed line after all. Yet I remain optimistic that we will see a trend reversal as SPS has so much potential.
The main reason for this massive under performance is the high supply (it will be close to 1 billion soon which in my opinion is way too high) as well as the continuing airdrop. Yet the team is making many advancements as well as making great partnerships. I am therefore very optimistic that SPS will at least recover to ~$1 in the near future.
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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This is low. I was accumulating few sps but now it's worth less. I shall buy a couple of dollars worth. There's must still be a utility for sps. I don't really understand why !
If you stake SPS in the Splinterlands game, you get an additional bonus (vouchers to buy in-game packs) as well as an APR for the staked token.
it is currently completely undervalued in my opinion