SLP
Updated
SLP has been in a consistent downtrend since April 2022, which coincides with a significant increase in the number of coins released since its inception. However, there has been a sporadic but constant burn of coins since last year, which may help mitigate some of the oversupply. BTC continues to dominate the cryptocurrency market, and although we have seen a run on altcoins in recent months, it hasn't been a serious threat. Besides SLP, Axie and Ronin are also experiencing an influx of capital, which is making it harder for SLP holders. I have no illusions that SLP will reach the previous high of 40 cents again. With a circulating supply of 42 billion coins, such a feat is only possible through a drastic change in circulating supply and a significant reduction in the number of coins in circulation. To be realistic, it is possible for SLP to reach the 0.03 area.
If you look at the formation, it is a textbook example of a descending channel, which usually has a bullish breakout which leads to a very quick rally.
Keep in mind that this formation has been in making for more than a year.
This coin could fly very quickly, it will be interesting to see what happens.
Good luck to you all, and always be smart with how you spend money.
If you look at the formation, it is a textbook example of a descending channel, which usually has a bullish breakout which leads to a very quick rally.
Keep in mind that this formation has been in making for more than a year.
This coin could fly very quickly, it will be interesting to see what happens.
Good luck to you all, and always be smart with how you spend money.
Note
AxieOrigins has received approval from Apple to be released on the App Store in specific countries. The game will first be introduced in Latin America and Southeast Asia, followed by a worldwide launch.Slp, Axie and Ronin are all pumping today.
The volume of Slp has tripled since yesterday and more to come.
This news has a lot of people talking, that is exactly what we need.
Talking brings the attention to the coin and potential new buyers.
Note
A potential double bottom is forming on a daily chart. SLP bounced off the same area in January, and now it seems like it's going to do the same. Add the descending channel bullish breakout to that, and you get a nice pump.Look at the markets. On the 5th of June, we will get the data regarding the debt ceiling rise or a potential default. It seems to me that Uncle Sam will raise it once again. Defaulting while the USA is providing aid to Ukraine seems highly unlikely.
Note
The double bottom pattern is out of the window. SEC suing everyone, USA with their god syndrome at it again. Binance was sued, then Coinbase, then Binance USA delisted 87 pairs. They announced no more fiat deposits would be possible on Binance USA, and then Robinhood delisted Cardano, Solana, and Polygon. The whole crypto industry is under serious pressure, but then again, for crypto veterans, this is just another day. Some serious coins crashed today by 20-30%+, so no wonder that SLP did the same. Now the market cap stands at $65 million, an all-time low for the coin. Do I still think a couple hundred percent pump is possible? Absolutely. Opportunity never seems like an opportunity.Note
The CPI data came in better than expected, but Jerome Powell's speech, as always, lacked substance. When asked about the real question concerning the American debt ceiling rising and potentially increasing further in the future, he responded that it was not his responsibility. The rest of the questions he answered were mostly nonsense. Instead of effectively addressing inflation or implementing consistent measures, they act sporadically. Just because we had good data last month does not guarantee the same for the next one.What really matters is the ability to read between the lines.
Now, let's talk about the elephant in the room - BlackRock. SEC Chair Gary Gensler is continuing to wage war against the crypto market. The press, of course, did not have anything negative to say about him before, but now the tides are shifting. Everyone is writing and talking about how bad he is. Coincidentally, at this time, BlackRock shows interest in a BTC spot ETF. After a few days, Schwab, Citadel Securities, Fidelity, and other Wall Street firms start the crypto exchange EDX Markets. Then WisdomTree and Invesco apply for an ETF, similar to BlackRock. It's worth noting that BlackRock owns a significant portion of assets in the USA (Most of the press) and other countries too. If they apply for something, they will get what they are asking for. Bitcoin and ETH are currently surging, and smart money is buying. Altcoins are also experiencing movement, albeit slower compared to the major cryptocurrencies. A rise in altcoins is inevitable. My vision has not changed: SLP will experience a significant pump, so just be patient.
Note
The shutdown in the USA has been avoided, with another 45 days to figure out the mess they've put the people into. Both sides are delusional if you ask me, but Biden's administration is an abomination and everyone with a bit of sense can see that. Even though the current situation in the main economy of the world is pretty messed up, the markets seem to be holding on well. The DXY is rising, but BTC is not dropping; it seems to me that a decoupling is in the making. Gary Gensler was questioned by the Senate, and at least everyone agrees that he is having a terrible go at his job. Well, they always need a scapegoat when the economy is doing bad, but he deserves all the negative backlash. He has been sabotaging the crypto industry since the inception; the only thing he protected us from was making money. But now that the big dogs want a piece of the pie (Bitcoin ETF), the SEC does not stand a chance. Who are they to go against Blackrock, Fidelity, Vanguard, and others? Now the market is stagnant; it's boring to be in a project or in many and be waiting for the crazy gains as we like. But that is inevitable; do not get discouraged. Good things will happen, and it usually starts to happen when people are at their limit, when many sell lower because they can wait no more. My SLP targets have not changed; it seems to me this thing will pop, and when it does, the naysayers will jump on the train with us.Note
Here we go, 20 percent gain. First on the Binance gainers list. Twitter is getting filled with shillers. This is just the beginning.
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