Good day Hiveians!
Join me in analyzing the crypto markets!
Just yesterday I introduced you to Spillways
You can read more about the project here. Essentially the goal is to keep your transactions private and provide a crypto => fiat bridge. It's a promising project and a token on ETH which can be bought on uniswap. Today let's have a look at the TA.
We can see that the project really took off in a big way since it started in September of last year. Price went up by almost 12k%! So is it too late to enter?
I think not, the fundamental reason being the strength of the project's idea as well as the tokenomics. The supply is capped at 100M with Spillways having about 22% of all the tokens. This is a large amount and is the biggest caveat. If the team decides to sell, price would dump.
But a 100M cap is pretty great as this allows price to head into the $ range without having too big of a market cap. We can see a channel in which price has been moving and since we just reached the ceiling it is possible that price will now move sideways to reach the support of the channel.
It could essentially move like the fractal of the first subwave. Here is a path for what I mean:
If so, current price at around 2 cents should be a great entry as price will probably consolidate in the 2-7 cents range over the next few months. For summer I see $1 on the table which is why there is still big potential price wise. Will that happen? Probably depends on whether the support of the channel can hold!
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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