Analyst: SLP 370% Surge a “Test Pump”, Bigger Pump to Follow

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.

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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.

SLP/USDT 1-hr chart (source: TradingView)

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.