SLP Technical Analysis: Is This Cryptocurrency Finally at the Bottom?

Final Consolidation Before the $0.1 Test

After the culmination of trading on 4 October, the SLP price slowed down and since then has not updated historical highs. Moreover, the SLP market has entered a consolidation period and is now at its lower limit. The daily candle of 27 October closed not in the favor of buyers. And if the price fixes below $0.058, the SLP investors can expect a new powerful fall wave with the final target of $0.035-$0.04. However, given the prospects of the entire cryptocurrency market, it is worth giving this coin a chance again.

Currently, the situation is extremely favorable for investment in terms of risks. The minimum growth target of the SLP cryptocurrency is $0.1. Approximately near this mark is the upper trend line of the falling channel, which will not be easy for buyers to pass on the first try. If the SLP price continues to fall, the investment risk will be 6-7%. However, the minimum potential profit reaches about 70%.

Technical Analysis of SLP in the 4-Hour Timeframe

In the 4-hour timeframe, we see that the price has started to move under consolidation in the form of a wedge. On 25-26 October, sellers tried to break the lower limits of this consolidation. This is evidenced by the increased volumes. But, at the moment, this attack has not been successful and the response of buyers is ahead. If the SLP price can break the mark of $0.07 upwards, it will mean the beginning of a new medium-term growth wave.

If buyers fail to break the $0.1 mark the first time, it will mean that the SLP market has formed a protracted consolidation in the range of $0.06-$0.1 in order to form a global bottom. After a strong 3-month downward trend, it is not so easy to turn the market around with one candle. Therefore, a partial fixation of profit is necessary near the mark of $0.1 for the purpose of repurchasing near the lower limit of consolidation.