I have covered the token before and I wanted to again highlight its goals since I believe that the next bull market will be all about privacy. I believe that the fundamentals of this project is quite good. I have followed the team and their developments as well as roadblocks for several months now and am convinced that they are in it for the long term. They actually have a vision:
Only the last point on this list has yet to be realized. Since this is a bigger target and there are only 2 devs behind the project it is clear that this will take some time. The former points have had their challenges: the issuing of cards was not working until yesterday, the staking contract was bugged etc. However, from the communication of the team I feel confident that they are actually interested in building and not just create fake value. As such Spillways is a utility token. You will need the token to use the mixer once the pEVM is built and you will received reduced fees when using the card service or the mixer. This in itself sounds pretty promising.
Spillways like most other projects has been very volatile. Since a strong upwards push in February, the token is down by around 90%. It is now sitting on a strong horizontal support which is formed by the previous peaks. I am quite confident that this could be the bottom. Since there is room to the upper resistance we could see, however, one more push down.
It could look something like this:
The chart in itself looks rather bullish since there are no bigger resistances to the top. The upper line of the channel seems, however, too ambitious and I doubt price will ever encounter it again. Yet with only 100M supply it is not unrealistic for price to at least reach 10 cents in the foreseeable future. If so that would be a 20x.
It all comes down to if you believe in this project and its vision. Will privacy be a thing? Does issuing payment cards as crypto off ramps sound like a good business idea? To me they do, and I think this space will only grow with the coming regulation tightening in the crypto space.
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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