Smooth Love Potion (SLP) Falls by 60% Since Its February Highs
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Smooth Love Potion (SLP) has fallen considerably afterward its Feb 10 highs. Yet, it has jumped at an important Fib support level and is showing early signs of a potential bullish turnaround.
SLP has been moving ascendings afterward Feb 3, when it captured a flat of $0.087. The ascending evolution led to a excessive of $0.0409 on Feb 10. This amounted to an increase of 370% in slightly more than seven days.
After all, the price has been decreasing afterward and has decreased by 60% above the past 13 days. This led to a low of $0.0165 on Feb 24.
Indicator readings for SLP
Daily time-frame indicators for SLP provide a very neutral reading.
While both the MACD and RSI are falling, the former is at 0 in the time the latter is at 50. Therefore, throughout the time the decrease is a sign of sliding momentum neither of the indicators have crossed into the bearish threshold.
Yet, the six-hour chart provides a more bullish outlook, afterward both the RSI and MACD have genecostd a very relevant bullish divergence. This is a sign that a jump could promptly transpire.
If so, the closest resistance range would be at $0.025.
Wave count analysis
Cryptocurrency trader @TheTradingHubb tweeted a chart of SLP. stating that the cryptocurrency maybe have finished its correction.
The SLP wave count does suggest that the cost has finished a five wave ascending development and an ensuing A-B-C corrective structure. The sub-wave count is given in red.
The low of wave C occurred at a confluence of Fib retracement levels:
- 0.786 Fib retracement support level (black)
- Length of wave A projected to C (white)
- Length of sub-wave one projected to sub-wave four (red)
These factors suggest the entire $0.015 – $0.0175 region is suitable for a flat.
As for the prolongeder-term count, it extends to be seen cone time beforeding that the entire increase is part of a larger A-B-C structure (white) or the beginning of a new bullish impulse (black).
In any case, a shassuming thatt towards $0.05, that would give waves A:C a 1:1 ratio seems to be likely.
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