A lot of you, including me expected $SLP to have a major breakout from a consolidation but that did not happen. Instead we saw $SLP decline back to 0.08 dollars. So what happens now? are we back to bearish mode? I say No, $SLP is far from bearish and a new bullish trend is just beginning. I can safely say we are on a bullish trend for variety of reasons.
We broke out of a fanchart las September 30 which signals a reversal from the previous trend.
We have consistently made higher lows since September 21 low which means we are on a trend.
We had a bullish MA Cross (50 and 200) on yesterday, Oct 9.
Volume analysis looks very bullish . We had high volume on sharp rising prices and low volume on corrections. Basically, If the price on the move back lower doesn't fall below the previous low, and volume is diminished on the second decline, then this is usually interpreted as a bullish sign.
So there you have it. No reason to worry. This bullish sentiment on $SLP will have a long way to go, We can potentially retest all time high and may go beyond it. Immediate target still at 0136- 0.140 which is atleast 70% from its Current Market Price.
That's it. Hold your $SLPs guys, we are just beginning.
Here's a link to my chart. Just reposted it here.
https://www.tradingview.com/chart/SLPUSDT/d9rYCCel-SLP-Still-Bullish/
