Good day Hiveians!
Join me in analyzing the crypto markets!
What is Spillways?
I have covered the token in a post some months ago. Essentially it is meant to become a privacy coin on its own chain on which transactions will be anonymous. The founders believe in a right to privacy and are concerned with the move towards centralization. In the past I have talked about how this coming bull market will be about privacy and freedom and I think it will be one of the major themes over the next years and beyond since it has become clear that the main agenda for governments is all about control. But people on the contrary seem to have an inherent need for more autonomy and freedom. So, it seems that privacy coins are going to be a major cornerstone of the crypto space.
You can look at the project as well as the roadmap here. In addition to privacy the project will also provide a a non KYC crypto to fiat offramp which is essential in times where CEXs are being scrutinized. Currently it is still a token on Ethereum, but this will change when it will launch its own chain later this year which is why holding Spillways will be necessary to use it.
TA
First of all, I should mention that the liquidity in the pool is currently extremely low. THis means that buying or selling e.g., $1000 is going to move the price quite a bit. So keep that in mind - the token is still very volatile. Also, you will have to pay ETH fees, so it only makes sense to buy bigger amounts... The UX is therefore not too great currently.
Price has come down over 80% since it peaked at around 5 cents. While it could fall more, there is a very good support currently coming from the previous ATHs. Price is also starting to consolidate which often indicates a bottom rather than more downward movement.
Nevertheless, the bottom supporting trend line coming from the previous lows is not very strong. We will have to see if the ascending trend line will have more support in the coming days. If so, we then have to see if price can break the resistances coming from the previous highs (seen here as the thinner blue lines). If support holds and the resistances can be broken, I would assume that this is the start to a major upward movement lasting for weeks or maybe months. It is unclear if price can move past the previous ATH or if price would continue to move sideways overall.
If price can stay in the ascending channel then we would realtively quickly reach the former ATH (several months). But there is also the possibility of a more sideways movement extending the bottom support to the right. Whatever the case, I feel confident that price will not significantly head lower. Always DYOR; but I feel this project has a good team and a solid product that will be in big demand over the next years.
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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