ShoaybKhan

SLP: A Breakout Possibility

BINANCE:SLPUSDT   SLP / TetherUS
SLP USDT UPDATE
So I decided to end SLP backlash tonight. Smooth Love Potion ( SLP ) holds a great value in itself, you can read the details about his project here:
https://coinmarketcap.com/currencies/smo...


TECHNICAL ANALYSIS
On the day of signal, SLP was mentioned to be bought in ladder under 0.24 - 0.32 range as it was obvious that breakout is due.
Due to the falling wedge pattern and candlesticks were on and above of 200MA reflecting that SLP is consolidating and soon will breach the current position resulting in a breakout.
However on the same day, the shift diverted from SLP to AXS ( SLP is earned by playing AXS game) as the baseline investors pull the huge chunk of money and we have witnessed the huge breakout in AXS resulting in failure of SLP Breakout.

CURRENT POSITION
Due to suction of money from its blockchain SLP suffered a huge blow, however it's consolidating (mentioned in yellow boxes), the wedge is also prolonged.
On 9th August we have also observed SLP trying to breakout again but this time it failed again, the resistance was strong and breakout potential was low due to market abruption.
Right now it's in solid consolidation phase again, wedge is also close to sideways, chances of breakout for the third time are high.
However, for short term I still believe it can go a bit lower, let's say close to 0.15 to strengthen itself; the breakout is imminent and we can see the push towards $0.35 initially as it holds a major resistance level .
Current Support: $0.1705
Current Resistance: $0.1893


-Shoayb
SYCAP Academy