- SLP price has surged amid FOMO regarding blockchain game Axie Infinity.
- SLP is an ERC-20 token that is native in the game.
- Axie Infinity has earned $33.7 million in the last 30 days.
The price of Smooth Love Potion (SLP) token has recently surged after continued FOMO regarding Axie Infinity, a blockchain-based game that offers utility to the token.
As seen on the chart above, SLP price has recently climb from a consolidation period between the $0.11 to $0.15 range. Currently, it is trading in the $0.24 zone, potentially looking to breach the $0.25 psychological resistance. At the time of writing, SLP price is at $0.2420, according to CoinGecko.
SLP Price Analysis
Given the said figures, SLP price may continue to rise as people are joining the game out of FOMO. We may see additional surges in the next coming weeks and possibly months. Also, the Relative Strength Index (RSI) is at 65, which means that SLP is not yet overbought, although it is teetering on the edge.
Nevertheless, given the circumstances, SLP may look to challenge $0.25 soon and $0.27 as well.
If stars don’t align, SLP may fail to break the initial resistance. This may cause a consolidation at best, or a market correction at worst. SLP may retreat to $0.20 if this happens.
What is SLP?
This Smooth Love Potion (SLP) price surge is attributed to the increasing interest in Axie Infinity. The game sells non-fungible tokens (NFTs) in the form of digital pets called Axies. Meanwhile, these pets can earn SLPs by winning at adventure modes or by completing the daily quest. Also, if the player wins against other players while using up energy, he or she can also earn SLP, depending on the rank.
Meanwhile, SLPs are important ingredients to breed pets within the game.
SLP is tradable on prominent platforms like centralized exchange Binance and decentralized exchange Uniswap.
Recently, Axie Infinity also dethroned PancakeSwap as the highest-grossing decentralized application (DApp). According to TokenTerminal, the game earned $33.7 million in the last 30 days, while PancakeSwap only netted $13 million.
Crypto 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.