Smooth Love Potion (SLP) Price Prediction for Today, February 27: Why the Token Price is Rising and Will It Break Through The Technical Formation?

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The price of SLP began to fall in November as a result of the decline in Sam Bankman-crypto Fried’s enterprise FTX. From a peak of $0.00407 on Nov 10 to just a minimum of $00.195 on Jan 8, the token’s value dropped by 112%.

The SLP price changed direction at the $0.00195 level, signaling the return of the bulls to the market. The token has increased by over 80% from this point, making up the majority of the losses suffered towards the conclusion of 2022. The token was up 9.13% on the day and trading at $0.003325 at the moment this article was published. The market capitalization of Smooth Love Potion increased by 9.1%, reaching $140.34 million, placing the SLP token at position #191 on CoinMarketCap.

Investor activity in the SLP market was quite high, with $89.33 million in trading volume. This increased by an astounding 459% in just 24 hours.

Smooth Love Potion (SLP) Price Prediction Based on Technical Analysis

Now, Smooth Love Potion is currently trading higher than the 200-day SMA. This 200-day SMA has been displaying “buy” for two days as of Feb 2023.

Since January 9, 2023, when Smooth Love Potion’s price first crossed over the 50-day SMA, this signal has been indicating BUY for 48 days.

On September 17, 2021, 528 days ago, the Bitcoin market saw its most recent Death Cross. On Mar 2021, or 725 days ago, a golden cross materialized.

According to our technical indicators, Smooth Love Potion’s 200-day SMA will decrease over the next month and reach $ 0.002967 on Mar 2023. By March 29, 2023, Smooth Love Potion’s 50-Day SMA is anticipated to reach $0.003140.

A common momentum oscillator called the RSI can tell whether a coin is overbought (below 70) or oversold (below 30). The RSI value of 53.70 indicates that the SLP market is currently in a balanced state.

Why is the price of the SLP token rising?

The price of Smooth Love Potion is strongly related to Axie Infinity, a blockchain in the metaverse where players may play games and get money doing so. When a player in the Axie Infinity game triumphs, they receive the SLP token.

Members of the Axie Infinity guild gather, breed, grow, combat, and trade so-called “Axies,” which are inventions based on non-fungible tokens (NFTs). The SLP tokens, which the players receive as incentives, may be used to produce fresh “Axies.” SLP tokens, however, are distinct from AXS cryptos, the native cryptocurrency used to support transactions inside the Axie Infinity network.

The fact that Axie Infinity developers are reducing the number of SLP tokens is what has recently caused the price of SLP to increase. Importantly, since September, 250 million SLP currencies have been burned per month.

The Smooth Love Potion becomes rare as a result of the Axie Infinity creators burning the token. This tactic is a component of a larger transformation initiative aimed at ecological balance.

SLP is occasionally available, but not always. Theoretically, during a deflationary phase, it could reach zero. However, a deflationary supply that is useful in the game will cause prices to gradually rise above their present levels over time.

Many people play and enjoy the game, claims one of the creators. Increasing SLP prices would also entice many customers back to Axie. So, playing offers a lot more benefits.

SLP Price: Will It Break Through The Technical Formation?

After months of investing within a bullish rising parallel chart pattern, the SLP price was at $0.003325 at the time of writing. Its worth is certain to rise as soon as the cost stays within this range.

As the price reached $0.0035, there was instant resistance, and bulls attempted to make further gains. Beyond this barrier, a rise in purchasing vigor might position the price for a breakout. A positive indication would be a daily candlestick closure above the technical formation’s $0.0036 midline.

After that, bulls would be seeking a push to the ascending parallel channel’s upper barrier at $0.004, which would represent a 20.51% advance from current levels. Nonetheless, as long as the price remained within the rising channel, the SLP marketplace would stay positive, and traders would be anticipating more gains.

The 200-day SMA at $0.003117, which is encircled by the bottom border of the ascending channel, provided strong support for the downward movement of the SLP price. The 50-day as well as 100-day SMAs, which were at $0.002984 and $0.002662, respectively, also supported the price. As the bulls resumed their trek towards the north, these were essential rest stops where they could regain their vigor.

The graphs were still green, and the MACD was still above the average line. This demonstrated the existence of buyers in the Smooth Love Potion marketplace. The 50-day and 200-day SMAs would soon issue a bullish signal if the price remained above the bottom trendline, which might start another bull run.

On the downside, selling pressure could drive the SLP cost below the directing chart pattern’s bottom trendline if profit-takers keep locking in their gains. Below this level, the price would be susceptible to a free decline that could send investors back to their all-time lows of $0.002 and result in significant losses for investors.

View how the relative strength indicator (RSI) is declining to show that buyers are leaving the area. The cost strength at 55 also fell short, indicating a potential decline.

Wrapping Up

According to our most recent price estimate, the cost of SLP Token is expected to fall by -2.76% and reach $ 0.003221 by April 2023. With the Fear & Greed Score at 50 (neutral), our technical indicators show that the current mood is neutral. With 4.24% market volatility over the previous 30 days, Smooth Love Potion scored 15 out of 30 (or 50%) green days. The Smooth Love Potion prediction indicates that the moment is right to purchase Smooth Love Potion.