Good day Hiveians!
Join me in analyzing the crypto markets!
10 days ago I shared with you my first TA for SPS
(again sorry for the limited charts, but I haven't found a better one so far)
In this TA I made a positive outlook, despite the now confirmed downward trend in BTC. This is important to understand as a coin's fractal is more important than the dominanting influence in BTC on the crytp market. This means that coins will "do their thing" despite the overall market sentiment. Although, this movement will at least still be influenced by it. With SPS we have some great news coming from the team which involves the ability to claim vouchers for the new Chaos Legion deck with SPS. This has made the trend clear: there is continued buying pressure in a currently "micro" bear market. This is important for SPS as we are going to leave the 30 cents area behind for good and tackle the 1$ mark once again.
Last time we identified two trend lines in which SPS had been moving. The blue line has now been breached and I think it will probably act as a support for the upcoming crypto "crash" in the next weeks.
A close up of the last 30 days reveals this strong bullish movement. We are currently trading in a rising channel that will probably be broken to the downside. We will then retest the big trend line (red) from the ATH which should act as a support at around 25-29 cents.
This is probably a really good opportunity to get involved in SPS before prices head into the $ range. With a similar supply and popularity to AXS, I think prices could head ultimately into the 10$+ area.
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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