Reflecting on the crypto markets this past week -- on one hand, we seeing some life in the market with Bitcoin pushing past $88k before pulling back, but the uncertainty is still there with investors awaiting clarity on President Trump's tariff plans, especially with his April 2 deadline looming. Trump's recent comments hint at a softer stance on tariffs, but the threat of trade embargos still lingers. Ethereum continued to hold above $2k, while Solana bounced above $140 after BlackRock announced that it will be expanding its $1.7 billion money market fund to include Solana.
The other big news this week is Ripple and SEC finally settling their years-long legal battle, with SEC dropping its appeal and reducing Ripple's fine to $50 million. XRP didn't jump up on the news but hovered around $2.5. On the regulatory front, Paul Atkins, testified on Capitol Hill, calling crypto regulation a top priority and pushing for clearer guidelines. Meanwhile, the U.S. House released the STABLE Act which aims to solidify the U.S. stance at becoming the crypto capital of the world. Altcoins in general remained choppy with some having positive movement against the backdrop of positive regulatory progress, but others kept on its negative trend with the continuous macro uncertainty around the tariffs. With all this out of the way, how did Splintershards (SPS) hold up?
SPS Weekly Performance Overview
After SPS's great performance, this week it was way more range bound, with it starting the week at $0.00678251 (March 21) and closing at $0.00696905 (March 27) with a slight gain. Trading volume averaged $73062 daily, which is a noticeable drop from last week's $89279, with a low of $62326 on March 24 and a high of $82836 on March 26. The SPS Market cap fluctuated and almost hit $3.4m before it settled at $3.3m on March 27. Despite this, SPS held firm on its key support level of $0.006 and with the upcoming Conclave Arcana set on the horizon, this level may continue to hold firm.
Market Analysis - Trends
After last week's price action where it gained 16.4%, this week was always going to be a challenge especially as BTC momentum had cooled off. All the macro uncertainty around tariffs continues to wreak havoc on the majority of TradFi and crypto investors' sentiment. While there has been positive news around the regulatory slackening (Ripple-SEC, STABLE act, etc), the macro pressures keep weighing down the wider crypto and TradFi markets. On the SPS front, sentiment remains optimistic. The splinterlands dev team continues to push out updates for the game and the Land 1.75 continues to rejuvenate the rental market. With the upcoming Conclave Arcana and the marketing push -- if both are a success, we may see SPS trading volumes pushing above the $100k daily average mark.
Market Analysis - Volumes & Liquidity
Trading volume for SPS took a step back this week, averaging $73062 over the past seven days which is down from last week's $89279. The peak of $82836 on March 26 showed positive buyer interest, but the dip to $62326 on March 24 continues to highlight the inconsistency of trading volumes for SPS. Last week, I mentioned SPS needs to sustain volumes above $100k daily to support a longer-term rally. The lower volume reflects the overall market's hesitation and cautious approach, but at least liquidity continues to remain constant.
Market Analysis - Key Support & Resistance Levels
SPS held above the $0.006 key support level all week, a positive sign after last week's breakout. SPS briefly tested the key resistance level of $0.0068-$0.007 before pulling back. As I mentioned above, strong volume ($100k+), and BTC reclaiming $90k, may open the door to $0.008. However, on the downside, if we see BTC struggling to remain in the $80-84kk range, then the $0.006 price remains a key support level to watch.
Concluding Thoughts
Trump's tariff threats deadline looms on April 2nd and it will be interesting to see how the TradFi and crypto markets react to it. SPS though managed to stay within the $0.006 to $0.007 range all week after last week's 16.4% gain. If BTC can reclaim $90k and SPS volumes climb closer to $100k daily, a test of $0.007 is in sight. But if macro uncertainties continue to cause chaos -- we might see SPS test its critical support level of $0.006.
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