So, where are we with $SYLO?
The bears have been knocking on the $0.0075 support level since May 6. The bulls have however remained solid here. The battle is now at the far-right corner of a triangle where a breakout is expected on either direction.
On the downside, there is another support at $0.007 (Fib 0.5). In my view, even if the price dropped below $0.0075, it is not likely to penetrate through $0.007. If it did, there is yet another support at $0.005.
On the upside, the first resistance level is at $0.009, after which it will be $0.011, and then $0.0125.
In terms of risks, the downside would make you 6.7% poorer (at $0.007) or 31% down at $0.005. On the upside, you could be 25% richer at $0.009 or 55% richer at the ATH – beyond that, its happy days.
All things considered, the fundamentals look good. This quarter NFT support will be added to the Sylo Smart Wallet. Some circulating SYLO tokens will be bought back and burned. Sylo token staking will be added into the Sylo Smart Wallet. Finally, SYLO will be listed in a new exchange. All of this in the current quarter. Any one of these activities would boost the token price, but when you put all four together you are likely to get a surge, especially in the middle of a bullish Altcoin season.
Personally, I plan to hodl on for a while. The market cap is still around 20 million, I can only imagine what would happen if it reached a couple of billions. PS: These are my opinions, none of which are a financial advice.
The bears have been knocking on the $0.0075 support level since May 6. The bulls have however remained solid here. The battle is now at the far-right corner of a triangle where a breakout is expected on either direction.
On the downside, there is another support at $0.007 (Fib 0.5). In my view, even if the price dropped below $0.0075, it is not likely to penetrate through $0.007. If it did, there is yet another support at $0.005.
On the upside, the first resistance level is at $0.009, after which it will be $0.011, and then $0.0125.
In terms of risks, the downside would make you 6.7% poorer (at $0.007) or 31% down at $0.005. On the upside, you could be 25% richer at $0.009 or 55% richer at the ATH – beyond that, its happy days.
All things considered, the fundamentals look good. This quarter NFT support will be added to the Sylo Smart Wallet. Some circulating SYLO tokens will be bought back and burned. Sylo token staking will be added into the Sylo Smart Wallet. Finally, SYLO will be listed in a new exchange. All of this in the current quarter. Any one of these activities would boost the token price, but when you put all four together you are likely to get a surge, especially in the middle of a bullish Altcoin season.
Personally, I plan to hodl on for a while. The market cap is still around 20 million, I can only imagine what would happen if it reached a couple of billions. PS: These are my opinions, none of which are a financial advice.
Comment:
We are done here :) - time for next move...
