Smooth Love Potion (SLP) Technical Analysis: Buyers Aim for a Sharp Reversal to $0.18
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SLP Buyers Signal the Readiness of the Reversal on the Weekly Timeframe
The weekly timeframe is beginning to sharply signal a change in the SLP market. Each subsequent weekly candle closes at higher volumes. Moreover, it becomes more and more difficult for sellers to push the price down. The sellers managed to test the main liquidity range of the SLP cryptocurrency between $0.13-$0.14. As a result of this test, trading volumes have almost reached historical indicators. These facts simply call for a global position gaining by investors, but the SLP market is not ready for active growth.
At the moment, the SLP coin price continues to move in the fall channel, which has formed since July. In fact, since July, buyers have not organized a single local growth wave to test the upper trend line of the falling channel for strength. Given the trading volumes and support for the core SLP range, now is the best time for such a task.
Technical Analysis of Smooth Love Potion on the Daily Timeframe
After losing the battle of buyers near the range of $0.15, the SLP price fall continued. 5 days of consolidation in this range on increased volumes showed the interest of buyers, but did not show enough of their strength. Though, the important fact is that after this consolidation we have not seen a fall without volumes. The aggressiveness of the fall fell sharply, and trading volumes increased to the maximum. These facts tell us that buyers are ready to form a new zone of global reversal of the SLP market. The main signal to start the reversal will be taking control of the mark of $0.15.
At the moment, there is a high probability of a sharp price shot up to $0.18-$0.19. But, this fact will not confirm the decisive actions of buyers. Keeping the mark of $0.15 after a sharp shot of the price up will indicate the beginning of the falling trend end sellers and a new target at the mark of $0.24. Although, we should be careful because the lack of a sharp growth wave will indicate insufficient strength for change in the SLP market. And this fact will force market participants to fight for a long time in consolidation to determine a new medium-term growth trend.