When SLP was trading around the 0.023 range, I mentioned that we would likely come to the 0.018 cent region on SLP before experiencing some support. So what is next?
1) We have quite a large ichimoku cloud ahead of us. SLP would need to rally 190% from this point to have a bullish breakout from the cloud. As you can see SLP rejected almost too perfectly from the cloud at its recent high of 0.04 cents.
2) We have broken back below the daily ema ribbon. - Not a great sign IMO because this means we have flipped support into resistance.
3) The green box I have drawn is basically the last line of defense for SLP since it marks the only key area of support SLP has on this downwing we have been seeing. If it breaks this green box and flips it to resistance, its is very likely we go back to where it started before the pump around the 0.008 cent region.
4) Despite Axie claiming to reduce the minting of coins, the burn vs mint rate chart on their website indicates that there is substantially more SLP being minted than burned, at least to this date. This does not make for a bullish scenario as the market cap would have to continuously move upward at the same rate coins are being minted just to keep the current price action.
I have two scenarios on the chart. I am more inclined to believe we will see something like #2 play out, however 1 could very well be a posibility. A "final shakeout" before more downside.
I'm pretty bearish on this coin until the mint rate closer match the burn rate of these coins.
Remember, this is not financial advice and always do your own analysis/research before making any decisions on the market.
1) We have quite a large ichimoku cloud ahead of us. SLP would need to rally 190% from this point to have a bullish breakout from the cloud. As you can see SLP rejected almost too perfectly from the cloud at its recent high of 0.04 cents.
2) We have broken back below the daily ema ribbon. - Not a great sign IMO because this means we have flipped support into resistance.
3) The green box I have drawn is basically the last line of defense for SLP since it marks the only key area of support SLP has on this downwing we have been seeing. If it breaks this green box and flips it to resistance, its is very likely we go back to where it started before the pump around the 0.008 cent region.
4) Despite Axie claiming to reduce the minting of coins, the burn vs mint rate chart on their website indicates that there is substantially more SLP being minted than burned, at least to this date. This does not make for a bullish scenario as the market cap would have to continuously move upward at the same rate coins are being minted just to keep the current price action.
I have two scenarios on the chart. I am more inclined to believe we will see something like #2 play out, however 1 could very well be a posibility. A "final shakeout" before more downside.
I'm pretty bearish on this coin until the mint rate closer match the burn rate of these coins.
Remember, this is not financial advice and always do your own analysis/research before making any decisions on the market.