- SLP was the top gainer on Binance with a 370% surge.
- Prominent crypto price analyst said that the rally was only a “test pump”.
- He also said earlier that SLP’s genuine rally will follow later.
Smooth Love Potion (SLP) has been the top gainer among all cryptocurrencies in the past week with a staggering gain of up to 370%. However, market FUD due to some factors such as Russia’s military advancements against Ukraine has caused prices to dip. All cryptocurrencies were affected, including Bitcoin and Ethereum.
Read CRYPTONEWSLAND on
google news
Likewise, SLP’s whopping price surge has been cut tremendously. In fact, CoinGecko estimates the 7-day SLP gain to only 104%, down 270% from its highest gain so far.
However, many people believe that its pump is not yet over. According to Twitter user @P2E_Daily, the SLP surge was only a “test pump”.
P2E_Daily’s popularity soared alongside SLP’s price when he made prophetic calls regarding SLP’s price movement right before it climbed up. In fact, BlockTalks named him the top influencer in the past 7 days. Furthermore, BlockTalks named SLP as the top gainer on Binance since last week.
Meanwhile, he stated in his earlier posts that SLP’s genuine rally will happen later.
As we can see from the above chart, SLP price is trading below the 50-day Simple Moving Average (SMA). This indicates a sluggish performance after an eye-popping pump. We can also observe from the 1-hour chart the formation of a Descending Triangle pattern. More often than not, this suggests the price may go further down in the short-term scenario.
This is also supported by the weak trading volume. A further look at the Relative Strength Index (RSI) shows that SLP is close to being oversold. Judging by the movement of SLP, it may take a couple of days — maybe more than a week — before SLP finds its stride once again.
Recommended News :
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
