SLP Technical Analysis: A New Wave of Growth Has Begun
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One of the modern crypto projects that made its investors very nervous is the SLP token. At a time when the entire crypto market has been growing successfully, the SXP price has managed to make a 50% correction at the end of July.
The Fraternal SLP and AXS Tokens Have Different Characters
The fact is that the SLP token, like AXS, is directly related to the computer game, where it is used to pass the next levels. However, if the AXS price has risen by 300% since the end of July, the SLP price has decided to go into a deep and exhausting correction.
If we look closely at the nature of the SLP price fall, it seems that in the period from 24 July to 5 August, no one needed the token. Trading volumes are low, the SLP price is steadily falling, and local rebounds are within a narrow consolidation. In the range from $0.3 to $0.2, there was not even a hint of interest from buyers. Nevertheless, everything has changed in the range of $0.17-$0.18. Trading volumes have grown sharply. And buyers with a help of one 4-hour candle was able to raise the SXP price by 33%.
Technical Analysis of SLP on the 4-Hour Timeframe
In addition, trading volumes have sharply increased not only in the range of $0.17-$0.18. At the 4-hour timeframe, we see that buyers have started to keep the price and do not allow it to stay below $0.2. So, each new local attack by buyers is accompanied by high trading volumes. At the moment, buyers have managed to break the middle line of the local correction channel, in which the SLP coin price moves from 13 July.
Therefore, at the moment the main target of buyers is a test of the upper trend line with a target of $0.23-$0.25. An interesting fact is that this coin is anarchic. When the entire cryptocurrency market updated local lows for the third time in mid-July, the SXP price sharply rose, setting all-time highs. The growth of the cryptocurrency market sent SLP on vacation. At the moment, the SLP coin price correlates well with the BTC price.
Finally, if buyers successfully try to fix above $0.25, we will expect the wave of growth to continue to $0.34. It is from this point that the correction of the SLP market began and the main forces of sellers are concentrated there.