Trend change?
In my last post about SPS, I spoke about the double resistance at 0.4 cents. I also gave a cautiously optimistic outlook for a more bullish scenario:
However, should the 0.4 cents resistances be broken, I would expect a (short lived?) explosive movement to the upside.
As of today, the 0.4 cents resistance has been broken on the weekly chart. While we still have to await a confirmation from a green weekly candle, it seems like we can turn a bit more optimistic for the mid term SPS trend.
Since the lows, SPS has made a 60-70% gain and sits now just above the two major resistances. As pointed out before, I think a confirmation will make it very possible for SPS to reach 0.07 cents in the near term. This would imply a 1.6x from the lows.
A possible future trend could look like this: A revisit to the 0.7 cents area in the next few weeks or months, followed by a correction taking the price back to the 0.5 cents area. If momentum holds, I think price could push up to the 1.3 cents area where price will meet a horizontal resistance. After this, a fall back to a possibly new supporting trend line at around 0.6-0.7 cents (thin red line).
SPS hodlers have had it tough. Price has been stuck in a 4 year down trend and we have yet to see a true macro reversal. This will be confirmed, should price make a higher low on the weekly/monthly chart. However, for the short to mid term I think price could develop positively, but watch out for the 0.7 and 1.3 resistances.
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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