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We just saw a definitive trend change signal for SPS
For the first time in its trading history SPS has now established a higher low on the meso scale. Until recently SPS has always made a new lower low which is why it seemed that the price had no bottom. It is also why the chart showed a downward wedge with a low at around 4 cents. I truly believe that this will be the historic bottom for SPS. The trend change we are seeing now is establishing a new supporting trend line with a somewhat low inclination, but this is exactly why I think it could hold.
The significance of this trend change has to be repeated: There has never been a higher low for SPS on the daily/weekly chart (curves in blue). This is why we had the downward wedge that pointed towards a price of $0. For the first time we are now seeing a higher low establishing a supporting trend line with an ascending inclination (curve in green).
While the top of this new price channel (in green) has not been established definitively it is reasonable to assume that it could look something like this:
We see the downward facing wedge in blue as well as the potentially new ascending channel in green. With the launch of the sales for Riftwatchers as well as the new Tower Defence game on September 15th and 20th SPS could easily tackle briefly the 10 cents area before probably heading back down to about 6 cents. By the end of the year the average price for the green channel would be at around 14 cents and for the end of 2023 we could assume an average price of about 88 cents (if this channel is confirmed). The biggest resistances along the way are at 10, 15, 23 and 40 cents (mainly from horizontal resistances)
The team is launching also Land at the end of this year as well as next year which will have a big impact on the game and economy. It is reasonable to assume that SPS will continue upwards rather than downwards with these strong fundamentals.
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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