Bitcoin finally broke through $86k on March 20 before settling around $84.5k, showing some resilience despite the Federal Reserve's decision to keep interest rates unchanged. Ethereum surged 9% to climb back above $2k, while XRP stole the altcoin show with a 14% jump after Ripple's CEO announced the SEC is dropping its long-running lawsuit against the company. On the regulatory front, President Trump addressed the Digital Asset Summit in New York, doubling down on his vision to make the US the crypto capital of the world. He pushed Congress to pass a stablecoin policy that may signal more regulatory clarity. Against this backdrop of positive crypto market trends and slackening of regulatory enforcement, how did Splintershards (SPS) fare?
SPS Weekly Performance Overview
SPS had a surprisingly strong week. The price climbed from $0.00582404 on March 14 to $0.00678251 by March 20, marking a 16.4% gain over the seven days. Trading volume also picked up, averaging $89279 daily, with a notable spike to $121952 on March 18 as the price broke through key resistance levels. Also, the market cap hit $3.3m on March 20. SPS also benefited from its many updates in the past week with the release of the Land 1.75 and the continued success of Survival Mode which has boosted sentiment among many splinterlands players. Also, with the upcoming Conclave Arcana set on the horizon - all these point to positive bullish signals for SPS.
- Current Price: $0.0067890
- 7-Day Price Change: 16.4%
- Trading Volume: $89279 (24-hour average)
- Market Cap: $3.3m
Market Analysis - Volumes & Liquidity
Trading volume for SPS saw a nice boost this week, averaging $89279 over the past seven days. The peak came on March 18 with $121952 in daily volume, which coincided with SPS breaking above the (previous key support level) $0.006 resistance level. This spike was crucial to keep its continued momentum as it reached its current price of $0.0067890. However, volume remains inconsistent - dipping to $72158 on March 19 before climbing again. As we have mentioned before, SPS needs to sustain volumes above $100k consistently to fuel a longer-term rally. Without a doubt liquidity is improving, but we need the marketing push to bring in a whole new slew of players into the game.
Market Analysis - Key Support & Resistance Levels
After breaking below the $0.006 support level last week, it reclaimed that level on March 15 and kept pushing higher, hitting $0.00678251 by March 20. This breakout puts the next resistance zone range between $0.0068 to $0.007. This key resistance level, SPS briefly broke above a few weeks ago, but couldn't hold. If SPS can close above $0.007 with strong volume ($100k+), the next level to target is $0.008 (a level not seen since late 2024). On the downside, $0.006 remains a key support level to watch. A drop below that could see SPS test $0.0058 again, with $0.0055 as the next major support if selling pressure mounts.
Concluding Thoughts
SPS delivered a solid 16.4% gain this week, bucking the trend of the broader crypto market volatility and reclaiming the $0.006 key support level. The breakout is likely around the excitement of the Land 1.75 release, positive crypto regulatory news and BTC breaking $86k. However, Trump's continuous tariff threats and the Fed's cautious stance on interest rates could still make an impact on the crypto market. If Bitcoin holds above $84500 and SPS trading volumes continue to move upwards closer to $100k daily, SPS could soon test $0.007. But, on the downside, if crypto markets suffer a pullback -- SPS could be testing the $0.0055 to $0.006 key support levels.
What do you think - can SPS sustain this momentum?
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