Crypto Analysis | Is SPS Heading For Another ATL?

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At this point we might ask: is SPS a failed token?

But until SPS makes another ATL in a bull season, I'll leave it at that. So the question for now is whether SPS will actually head under $~0.012 - it would only be another 28% drop or so. It's way too close for where SPS should be now. SPS didn't hold the crucial 2 cents level as I pointed out earlier. Historically, SPS has always headed for a lower low and essentially an ATL when we saw this "M" pattern play out. So why should it be any different now? I'll give you 3 drops of hope.

1: Price has retested former breakout

The good news is that price has one more line of support with it retesting former breakout levels.

This is a fairly big support and I am convinced, should it fail, that SPS will make another ATL. You can also see that we are very far from the $5, $1 and even $0.5 levels for the peak of this cycle.

2: Price has made a higher high

Unlike previous "M" patterns, the most recent one has actually gone above the previous highs.

3: fib ratio of 0.236

We can also see that price has now reached the 0.236 fib levels which often signals a price reversal.

Conclusion

It's not looking rosy for SPS. But the 3 highlighted points here do give us a silver lining. Let's leave at that for now...

 

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As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!

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