Smooth Love Potion price analysis: SLP at $0.06 resistance, set to breach?

Smooth Love Potion price analysis

TL;DR Breakdown

  • Smooth Love Potion price analysis is bullish for today, up by 4%.
  • The SLP price is currently below the resistance at $0.06.
  • If the resistance is broken, the next resistance is fixed at $0.08.
  • The nearest support is at $0.058, which currently.
  • If current support breaks, the price will go down to the $0.0490 support level.

Smooth Love Potion price analysis for today yields a bullish price forecast. The cryptocurrency has been trading on all major crypto exchanges and is quite famous for the bullish growth it experienced the last month. For now, the current price of the coin is $0.061. The nearest support for SLP/USDT pair is at $0.058, which currently isn’t broken.

There is resistance at the $0.06 price level, which remains unbroken. If the bulls take charge and Bitcoin is able to maintain the price level at $42K, SLP/USDT price can breach this resistance and aim for $0.08 resistance. This cryptocurrency analysis is based on the 4-hour price chart of the SLP/USDT trading pair on Binance.

The data by Coinmarketcap suggests that the 24-hour trading volume of the cryptocurrency has fallen by 2.77%. Considering the market cap of the cryptocurrency, the data shows a shrinkage of 5.57%. Although, in the long term, we can see that the SLP/USDT pair has fallen by 85.46% from its all-time high formed in May. Our Smooth Love Potion price analysis, for now, is bearish.

Smooth Love Potion price analysis: Technical indicators gradually turning bullish

Our Smooth Love Potion price analysis for today will use the knowledge from technical indicators. These technical indicators provide a lot of sharpness for any coin’s price analysis. Diving deeper into the Smooth Love Potion analysis, we can see that the token has fallen below the key Moving Averages, turning the price action bearish.

The price action has been below the 50-day and the 100-day Moving Averages since the month of July. We saw the bulls conquer the 50-day Moving Average a few times, and if this continues, we might witness the 100-day Moving Average conquered as well. Currently, as visible in the 4-hour chart below, the price action is below both the Moving Averages.

The price movement can also be determined using the Bollinger Bands. The Bollinger Bands indicate that the price of SLP/USDT is situated in the bottom portion of the Bollinger Bands. If the support breaks, the price action might break out from the Bollinger Bands. Although, we can consider that bulls might take over soon unless Bitcoin falls below $40K.

Smooth Love Potion price analysis
Smooth Love Potion price analysis on the chart by TradingView

Smooth Love Potion price analysis yields a positive response on the technical indicators. The RSI indicator shows that the SPL/USDT is trading with a positive gradient while the RSI line moves upwards, away from the oversold region. Although the price action is still quite below the bullish regions, a gradual increase in price can be seen for the short term.

On the other hand, the MACD indicator shows that the Smooth Love Potion price analysis is gradually turning bullish. The reason is that the blue line or the MACD line is currently crossing above the orange line, i.e., the signal line. This is termed a bullish crossover and indicates that an increase in price will follow.

Smooth Love Potion price analysis: SLP at $0.06 resistance, set to breach? 1
Smooth Love Potion price analysis on the chart by TradingView

Smooth Love Potion price analysis: Conclusion

Our Smooth Love Potion price analysis is bullish for today. The cryptocurrency has performed well the month before, and we can expect similar performance in the future as well. Although, if you are new to cryptocurrency investment, you should definitely check out our guides first.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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