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It's been a really long wait for SPS to bottom out
For some months I have been waiting for the breakout to occur, but SPS just kept falling. But two weeks ago the whole crypto market stabilized and SPS at 10 cents held. Since then SPS has gained over 30% and is currently at around 13 cents.
I have argued that once SPS stabilizes and gains upward momentum we should see a similar strong upward push like in October. As such, I made this chart which so far is holding up. Although price has been more flat than expected.
This is the current price action. Importantly, SPS has finally broken out of the downward trend and breached the the resistance coming from the downward pointing trend line. With almost no resistance at this level (from trend lines as well as horizontal resistances) I would expect SPS to reach 16 cents very soon. At this level we have the former support trend line which should act as a strong resistance.
Also note that the other resistance from the trend line of the previous double peak is converging on this spot soon as well. When this second resistance gets broken there will only remain the horizontal resistances at $0.24 and about $0.36.
As I am expecting the crypto market to peak in summer of 2022, I think SPS could reach $1 at that time. Although price could go much higher as the airdrop will end at that time as well and a lot more game developments are expected to be ready too!
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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