4 cents will be tough to break
SPS has been struggling for 4 years so to speak. Ever since its launch the token has been under immense price pressure. The biggest culprit has been inflation and bad tokenomics in my opinion. But the game is still running, which is an amazing feat by itself.
SPS has made a new ATL just recently in July and has been able to recover slightly from those lows. The most positive aspect in this chart I can think of is that the slope of descent has decreased throughout the years. This is evident in the blue support lines at the bottom of the chart. While it is too soon to bet on a reversal, it certainly looks like the chart has found some sort of bottom.
But here's the catch: There are two big resistances at the 4 cents area. One is from the previous bottom support, the other from the trend line connecting previous highs. It will be hard to break these, no doubt!
As you can see, late 2028 might be the next time frame for the next cycle peak (it may also be 2029). So there are 2-3 more years to crawl out of this pit so to speak. Honestly, I think we should be more bearish than bullish on SPS, since SPS just simply hasn't been able to reverse its death spiral. However, should the 4 cents resistances be broken, I would expect a (short lived?) explosive movement to the upside.
In that scenario, 0.7-0.8 cents seems reasonable, if not, 0.2 cents it is...
I am currently out of the loop for the game itself - I am not sure if there is anything big coming up. I suppose if there is not, price will probably break down again. However, if there is anything bigger planned, please feel free to point it out here!
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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