No matter how much technicals show us that we are bullish, SLP's current economic conditions of supply and demand come to the detriment of any chart analysis.
The price has continued to stay in a corrective pattern.
With elliot waves count, this should indicate a near end to this ongoing correction.
Rsi and Stoch RSI are both showing oversold on 1h and 4h, while macd is just consolidating.
However this is all null due to SLP being produced at rates of 2.5x + than being burned.
The only thing that would save this downward trajectory is from Developer interference by increasing SLP required to breed, or any other SLP burning mechanism.
Price is hitting a big support area for now, Any price action below 0.1450 and we turn into really bearish territory in terms of price trend analysis.
There is no reason to be holding SLP right now, so anyone who gets it in their hands is usually instantly selling for cash rather than breeding. All this contributes to the downward trend.
Can investor's, speculators, or traders be buying here at this point? Maybe, the chart is right, but for what reason? There is really no incentive.
If for some reason we end up getting an upward trajectory in price, we would have to break 18c again to mark as an end to the downtrend.
Good luck and Good day
The price has continued to stay in a corrective pattern.
With elliot waves count, this should indicate a near end to this ongoing correction.
Rsi and Stoch RSI are both showing oversold on 1h and 4h, while macd is just consolidating.
However this is all null due to SLP being produced at rates of 2.5x + than being burned.
The only thing that would save this downward trajectory is from Developer interference by increasing SLP required to breed, or any other SLP burning mechanism.
Price is hitting a big support area for now, Any price action below 0.1450 and we turn into really bearish territory in terms of price trend analysis.
There is no reason to be holding SLP right now, so anyone who gets it in their hands is usually instantly selling for cash rather than breeding. All this contributes to the downward trend.
Can investor's, speculators, or traders be buying here at this point? Maybe, the chart is right, but for what reason? There is really no incentive.
If for some reason we end up getting an upward trajectory in price, we would have to break 18c again to mark as an end to the downtrend.
Good luck and Good day