Good day Hiveians!
Join me in analyzing the crypto markets!
Two weeks ago I talked about the SPS breakout which we have been waiting for a long time
This was the chart back then:
We saw a very close resemblance to this over the last few weeks:
The first breakout for SPS happened when price breahed the first resistance trend line seen at ~11 cents. There are currently still 2 more resistance trend lines at play. One of them is from the lows of previous price drops and the second one is from the ATHs. Both are converging at around 15 cents. This second breakout will be the final test for SPS: if it can break out of these resistances I would expect prices to rise quite fast as seen in the chart.
Nevertheless, the world is now a different place with the geopolitical mess that just unfolded. For this reason there is a real chance for a beark market. If so, SPS would not break these resistances and head back down. It should be noted, however, that SPS is already down 85%+ from previous ATHs. For this reason I think that the downward potential is not very high. I would expect price to follow the thick blue support at the bottom of the chart, eventuay going back to 8 or 7 cents...
But...
We also just got the announcement from the splinterlands team of the WMG partnership! I think this is huge news. The caveat here, however, is that we do not yet know how this will benefit SPS. It could potentially be huge if SPS will be used for the other games that shoud be developed. Or it could be a nothing burger... Time will tell!
"WARNER MUSIC GROUP PARTNERS WITH CHIEF BLOCKCHAIN GAMING DEVELOPER SPLINTERLANDS"
Splinterlands today announced that they have entered into a partnership with Warner Music Group (WMG). The first-of-its-kind deal will see the companies collaborate to give select WMG artists opportunities to create and develop unique, play-to-earn, arcade-style blockchain games in a mutually beneficial partnership for music fans and splinterlands players alike.
@splinterlands/warner-music-group-partnership-announcement
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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