Good day Hiveians!
Join me in analyzing the crypto markets!
Just 3 days ago I asked
Dare you make a lower low SPS? And perhaps unsurprisingly we just got a yes. SPS dipped below the previous 1.550 cents ATL. Let's breathe out a collective - OUCH. But let's keep our heads cool; it just means that SPS has more selling than buying pressure and there are actually good reasons for that: for starters, the team failed to launch LAND 1.5 in August as promised. Things like that never go well down in terms of price valuation. Many will see this as a major broken promise and will question whether the team might delay or indefinitely postpone more things on the roadmap. Personally, I look at it in a realistic manner: if a product is unfinished I'd rather wait than have a broken one. We also have SOULKEEP essentially confirmed to be "frozen" until the release of the next milestone for LAND. Remember when they said it could get released in May/June? Well, that didn't happen as well. Again, there were good reasons for the delay, but the team should be more careful in releasing dates - it hurts the community as well as the economy.
How low will it go?
As stated in the last post I am expecting a bottom at around 1.3 cents. That is essentially only a very low drop from the 1.5 cents we are now. But the sell offs/dumps have weakened over the last year or so, which suggests to me that we won't be seeing any crazy numbers. At most perhaps a 10% correction.
Of course now that the ATL was broken, the sell off is a bit stronger. Let's have a close up:
We can see that the former breakout of the resistance ("falling wedge") was overcome, but price failed to make higher highs. Price then broke down like last times when it did this and made a lower low. As you can see the lows have been less deep as time moved on which is why I am expecting a ATL of around 1.3 cents.The bottom of this curve is at around the new year, so we can expect price to stay in the 1.3-1-5 cents area for a bit longer.
But... we will be getting LAND 1.5 apparently in the next weeks. This will shake things up and should be a positive impact for the economy. That and SOULKEEP could get things rolling again, so w should also position ourselves for a stronger positive price action. My hope is that with these two releases as well as Rebellion lurking around the corner this will be the last time that SPS makes a lower low for a long time. If all goes well, SPS should have a bright future, so these levels could be great entry points.
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!
⛅🌦🌧🌦🌧🌨☁🌩🌦⛅🌧☁🌤🌥🌪🌧🌨🌩⛅🌦☁🌤🌥🌤⛅🌤⛅🌦⛅