Smooth Love Potion (SLP) is attempting to create its first higher low since its Feb 10 rejection.
SLP has been falling since reaching a high of $0.41 on July 13. The downward movement has been swift, with the exception of a small bounce between Sept and Nov.
However, since the price broke down below $0.058, the decrease continued until a low of $0.0087 was reached on Feb 3.
The price has been moving upwards since. However, it is still 95% below its aforementioned July highs.
Feb SLP increase
A closer look at the movement shows a seven-day upward movement starting on Feb 3 in which the price increased by 370%. The move also served to validate the $0.039 area as resistance.
However, SLP has been gradually falling since without experiencing a significant bounce. Furthermore, both the RSI and MACD provide a neutral reading. The RSI is at 50 while the MACD is at the 0 line.
Cryptocurrency trader @TheTradingHubb tweeted a chart of SLP, stating that the price could initiate an upward movement between 400 and 700%.
The six-hour chart shows that SLP is struggling to break out from the $0.022 resistance area. Since Feb 17, this marks its fourth attempt at breaking out (red icons).
On March 21, the price broke out from an ascending parallel channel, seemingly indicating that it has begun an upward movement. However, it failed to hold above its support line and is now back inside the channel.
Similar to the daily time frame, technical indicators in the six-hour time frame are neutral. Therefore, they fail to confirm the direction of the trend.
While a breakout from the $0.022 area would likely lead to higher prices, there are no definite signs that SLP will break out.
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