SLP Makes Massive Pump, Trading Volume Gets Crazy

Analyst: SLP 370% Surge a “Test Pump”, Bigger Pump to Follow
  • SLP price is currently trading at $0.0051, as per CoinGecko.
  • This translates to a 24-hour increase of 15.2%.
  • RSI suggests SLP is overbought, and this could be a bull trap.

Amid the crypto market suffering from a consolidation phase in the last two weeks, Smooth Love Potion (SLP) makes a surprising pump, catching the bears off guard.

For over a month, SLP has been trading from $0.0040 to $0.0045. There was even a time when the price of the altcoin reached as low as $0.0038. However, just today, SLP surged up to $0.0053, according to CoinGecko. On Binance, the altcoin reached $0.00551 before encountering a price correction just above $0.0050.

SLP/USDT 4-hour chart (source: TradingView)

As seen on the chart above, trader interest in SLP has remained relatively stable until August 7, 2022. From $0.0044, SLP made a massive jump in just a couple of hours to get past the formidable resistance at $0.0050. 

At the time of writing, SLP price is at $0.0051, according to CoinGecko. This translates to a 15.2% increase in the last 24 hours.

On the other hand, the Relative Strength Index now suggests that SLP is overbought. Time will tell whether SLP will continue its climb up or if this is only a bull trap.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.