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SPS looks like it will head into the next impulse wave shortly
Last week in the post "SPS: When will the Correction be Over?" we discussed the potential break out for SPS happening very soon I am making this post to test the hypothesis that we are about to see a repeat of the fractal seen some months earlier. The trend lines are beautifully lining up; have a look here:
Both waves are fractals of each other with their shape being very similar but with their own characteristics. First, we can see the broad sideways channel in which price is moving. Since the peak in October, SPS has lost 75% of its value and is now at the same price level seen in August and September. This makes an upwards move very likely as a) we have support from summer at this level, b) price has already decreased by 75% and c) SPS has completed its fractal at this level.
All of these factors suggest a breakout from the long trend line seen from back in October. And looking to the first wave it seems that its path is already "predetermined".
I would expect a breakout to the top to about 35-40 cents in the next week(s) and a stark correction back to perhaps 25-30 cents. Then, if it continues on the outlines path, price should break through the second resistance and head up higher similarly like in September/October. However, it is worth pointing out that the past never repeats in the same way, so I would definitely expect some alterations which are impossible to know. Yet this upward path only seems like a logical conclusion from the 3 factors mentioned above as well as the strong position the game is in on the blockchain gaming scene.
The big question if this impulse wave gets confirmed is whether SPS has the strength to break through the top of this sideways moving channel. So far it seems that this will be very difficult as the airdrop will continue until summer of 2022 providing selling pressure. Nevertheless, I think it is possible since the team plans to continuously pump out new use cases for SPS in the near future.
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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