Good day Hiveians!
Join me in analyzing the crypto markets!
Calling out the bottom for SPS is an inflationary business
It's been said probably at 20 cents 10 cents 4 or 2 cents - and already we are under 2 cents! I have been saying for quite some time that SPS under 2 cents is getting comical: someone new entering the market can buy my SPS stake (at 150k) for just 3 grand. Like most others, I received this over now almost 2 years (!) from the airdrop, by buying it on the market and by playing the game. I am sure that everyone with this experience feels that they earned their SPS stake. It feels like something that should have value. But essentially it does not! If someone now with just $2.5k can buy all of that effort and hodling it feels like cheating. SPS has to be the token with the biggest let down; but somehow I still believe in it. We have LAND coming up and Soulkeep and we are getting a GLX airdrop... and ít will soon be a requirement for earning SPS... Surely it must sometime reverse course?!
The good news is that changes are definitely coming in the next weeks. And while this was always the candle of hope that SPS hodlers have been carrying, getting the staking requirements and Soulkeep as well as LAND 1.5 is going to make a difference. And (here is the hope part again) this has to translate in more value for SPS, right?
Anyhow, essentially the only way that investing in SPS is going to turn out to be a bad investment now is if the game itself goes under.If it survives, one is almost guaranteed to make a handsome profit in 1+ years. There is simply too much intrinsic value, innovation and good fundamentals in the whole economy.
TA
Predicting SPS falling further isn't very difficult with the token always dropping further. In the last post I did just that and we are now exactly at the predicted levels:
This might sound too optimistic, but I am very confident that SPS is bottoming out now. The chart seems very clear on this. Also, keep in mind that SPS' market cap is now only around 18M... which is basically nothing.
- We see 4 waves with the same shape each making a lower low
The value of seeing this lies in understanding that a new wave will start very soon (days or weeks). We do not know how high this wave will go or if it will be the long awaited trend reversal, but we know it's coming.
- The decline is not linear. We can draw in a basic curve that shows how a bottom is forming.
I believe this to be the most important clue that the bottom is in. Sure it could fall to 1.5 or 1.4 cents, but we will very likely not see SPS at 1 cents.
Outlook
If this holds any value, then we should see SPS reversing course and start to push up again. Because the inflation is still so high we should not expect this reversal to be very fast. Instead, the trend will probably be more of a gradual rise. Due to the implementations outlined above I do not think that the reversal will be as slow as seen in the curve. Instead, I think we could see something like this:
Even though this looks like a strong and fast trend change, it is not. If SPS follows this path, it would mean we would only be at around 4 cents at the end of 2023! This is not very spectacular, but in a way it is since SPS' value would be for the first time actually increasing sustainbaly.
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!
⛅🌦🌧🌦🌧🌨☁🌩🌦⛅🌧☁🌤🌥🌪🌧🌨🌩⛅🌦☁🌤🌥🌤⛅🌤⛅🌦⛅
Check out the Love The Clouds Community if you share the love for clouds!
⛅🌦🌧🌦🌧🌨☁🌩🌦⛅🌧☁🌤🌥🌪🌧🌨🌩⛅🌦☁🌤🌥🌤⛅🌤⛅🌦⛅