SLP Price at $0.04 Resistance After 300% Rally: Flip or Flop?

SLP price has had a 300% rally in the past 7 days.
Currently, SLP has met strong resistance at $0.04.
SLP has a higher chance of correction than a continuation in rally.

The price of Smooth Love Potion (SLP) has been the most extraordinary within the crypto market today. In fact, it has outshone Bitcoin, Ethereum, and even popular meme coins Dogecoin and Shiba Inu.

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With an impressive rally of 300% in the past 7 days, SLP price has become the darling of the crypto crowd. However, the bears at the $0.04 resistance level have caused a temporary bump.

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

As seen on the chart above, SLP price’s rally has been rejected at the $0.04 level. It has since stayed in the $0.036-$0.038 range. However, there has been an uncontrollable hype among traders and investors, as they are attempting to flip the $0.04 resistance into support.

To be fair, SLP has the capacity to surprise the market, given it is the second token of GameFi hit Axie Infinity. However, the rally appears to be too soon, given that SLP still has an excess of 34 billion tokens in circulation.

In fact, one Twitter user @P2E_Daily has gained popularity for his accurate trading calls. According to him, now is not the time to panic buy.

He started gaining popularity on Twitter for making a call to buy SLP one week ago when it hit the $0.0089 price. A couple of days after his purchase, SLP made drastic bullish moves. Currently, SLP is now one of the top 100 tokens on CoinGecko when it was only the 190th token a week ago.

In terms of fundamentals, SLP price’s pump began after Axie Infinity removed adventure and daily quest rewards. Now, obtaining SLP from the game has become exponentially harder. Furthermore, SLP will have many burning mechanisms once the Origin update rolls out possibly at the turn of the second quarter of 2022.