SLP to ~ $0.018 Alright we have quite a few things going on here with SLP.
1) Even though there's been news of Axie reducing coin supply to stabilize price, im still seeing in increase in supply by around 500,000 coins daily. That combined with decreasing demand does not make for a bullish situation at this moment.
2) We have rallied over 300% in about two weeks in combination with the daily ichimoku cloud touch. That cloud spans roughly 140%. This means SLP will have to rally another 140% with increasing daily supply just to break the bearish cloud.
3) We were in a beautiful bull flag on the 4hourly chart but the problem with this is the price made it pretty much all the way through the apex, which generally isn't a good sign. Especially after testing very heavy levels of resistance.
4) We have potentially a inverse cup and handle forming on the lower timeframes (4hr, 1hr) that would put the price right around $0.018. This also lines up with one of the very few major support zones SLP has charted in its lifetime, which you can see with the green box. If we do not react from here it is likely to go all the way back down to the price it was before this pump.
5) The 0.018 cent level also lines up relatively well to the .618 area on the fib retracement. A wick down to the green box would suffice.
6) This is not financial advice. Trade carefully.
