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SPS has been performing above average
After a correction of around 45% I believe SPS could be moving higher again. The recent run up can be explained by several reasons with one of them being that SPS turned deflationary, at least for several months. From a TA perspective we can identify a very strong double peak pattern for SPS which I want to highlight now.
First, this is the chart from 6 weeks ago and has been largely confirmed:
We can see this pattern very clearly here:
This suggests to me that we will see another double peak with a potential to overcome it and move higher. This latter scenario would be much more favorable since SPS could otherwise end up under 2 cents again in summer.
Here I suggest 3 scenarios:
While the type of these scenarios is nothing ground breaking (up, down or sideways) it's all about seeing the boundaries and conditions for when these scenarios would be confirmed or falsified. We will have to closely look at these trend lines for confirmation of either one.
The sideways and down scenario would be unfavorable to the long term outlook for SPS since price would be going well below the $1 and $0.5 outlook for late 2025. This is again a pivotal moment for SPS; it needs to hold these levels and move higher if it wants to break the pattern of lower highs and lower lows.
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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Hey $5 would be nice, at least we have to see $1 imo. I would love your thoughts on my SPS view here https://ecency.com/hive-167922/@digi-me/alt-season-on-the-horizon
really interesting to see that decentraland had such an incredible run, especially since it's tokenomics seem at first glance quite similar to SPS. We got Mooncarts and Arcade Colony as a whole coming up as well as Soulkeep and another airdrop... The next months should be very exciting. The 10 cents, $1 and $5 stops seem like a realistic target for SPS as well.
The way the market has been going up for the past few days but one thing we still have to keep in mind is that there could be one last dump in the market and the project team is doing a good job on this. You have done a good analysis.
good analysis
thank you!