It almost feels cliched to start these posts by saying that the crypto market has been a wild ride---when is it not a wild ride? BTC continues to fight to hold the $80k to $85k range after dipping to $77k earlier in the week---its lowest since November 2024. Eth is no different and has slipped down into the $1800s range, with Solana trading in the mid $120s. Meanwhile, BNB hasn't been that adversely affected the past week as it was revealed that the Trump family might be buying a stake in Binance.
Many predicted before Trump's presidential victory that if he was elected there would be a softer shift in regulatory stance towards crypto and we starting to see those shifts happening. The House followed the Senate in rolling back IRS rules on DeFi brokers, passing with a 290-2 vote which eases tax burdens on decentralized platforms. On the ETF front, the SEC delayed decisions on Solana and XRP fund proposals and pushed the timeline out to 240 days. The big news from last weekend - Trump's White House Crypto Summit left markets underwhelmed, and didn't offer much insight into the Strategic Crypto Reserve. On the macro front, Trump's new tariffs on Canadian steel (25%) and European wine keep on providing a lot of uncertainty in the TradFi markets. Moving closer to home and SPS, how did it perform against this backdrop of uncertainty in the crypto and TradFi markets?
SPS Weekly Performance Overview
SPS's fortunes continued to be tied to Bitcoin's volatility which struggles to deal with all the political and macro pressures in the markets. Trump's tariff continuous threats on European goods and Canadian steel keep sparking a potential broader trade war and these threats keep tanking crypto markets. On the positive side for SPS, Land 1.75 is almost upon us which is good for the game to see features continuously coming out even while the market is in tatters.
- Current Price: $0.00582404
- 7-Day Price Change: -6.7%
- Trading Volume: $77,535 (24-hour average)
- Market Cap: $2,869,724
Market Analysis - Trends
SPS took a hit this week following the overall crypto market by dropping 6.7% from $0.00625013 on March 07 to $0.00582404 by March 13. SPS continues to remain heavily correlated with BTC and therefore couldn't escape the bearish pressure, and the lack of Trump's crypto summit clarity didn't help.
Market Analysis - Volumes & Liquidity
Trading volume averaged $77535 over the past week which is a slight uptick from last week. We saw a spike to $114451 on March 10 when SPS broke through a key support level of $0.006. Volume remains inconsistent with a few days peaking over $100k but failing to maintain. The crypto and TradFi market's uncertainty around Trump's tariffs is causing all investors and traders to remain cautious.
Market Analysis - Key Support & Resistance Levels
SPS has broken below the critical key support level of $0.006 that we've been watching for weeks. The next major support sits at $0.0058 which has already been tested on March 12. If that fails, $0.0055 could be the next stop - a new low. The critical resistance level remains at $0.0068 - $0.007, a ceiling SPS it briefly touched and broke, but was unable to maintain.
Concluding Thoughts
SPS is down 6.7% this week and breaching the $0.006 support level we flagged last week. The drop below $0.006 signals that the bears are in control. Volume continues to remain choppy and it's not consistently nearly the $100k+ level we need it to be to fuel a reversal. BTC's fight to hold $85k and the lack of summit clarity are weighing on altcoins, and SPS is no exception.
Will SPS hold $0.0058, or will political and macro pressures push it lower? Add your thoughts below - I'd love to hear your perspective.
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