The triangle of indecision facing the SLP at the present time.
Greetings to all readers of this great platform, in the present opportunity I want to share with you information about the behavior in the price of the SLP, being one of the cryptocurrencies with more market movement in recent days since the BTC recovered its accumulation zone, and is currently performing a little indecisive behavior with respect to its price.
 The image used is from Public Domain, Author: Axie Infinity |
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The universe of Axie Infinity game, a few days ago they took out several announcements that managed to increase the price of its token called SLP more than 200%, which I told you in a post, despite this the analyzes state that it follows a great creation of the token and little burning, so the reduction of the issuance of the token should not have caused so much increase.
Considering this situation, it can be said that it is a false rise or what is known as a bubble, this being the reality at any time the price of the SLP can reach the area where it was before the announcements, that is 0.010 cents, a really low price compared to the current price or its historical highs.
 The image used is from Public Domain, Author: Binance |
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To analyze the situation let's focus on the chart above, where you can see what is known in the market as a triangle of indecision, in which the price can perform 2 actions, the first would be to see the price retreat, because it has no more strength to continue in its bullish run.
The second scenario is linked to the normal market, coming with a bullish behavior, reaching an accumulation zone, which can be considered as that zone that is getting thin, and then make a rebound to overcome the resistance.
Now, with the amount of SLP in the market, and although the issuance decreased, but the burning of the token still does not increase, we may be in a distribution zone where the bubble will break and its price will fall, the truth is a complicated time to make decisions but it is up to each of the users who wish to do so.
Greetings @chucho27, as you point out there are still millions of SLP in the market and the burning is not enough to boost the price of this token and the changes announced will take effect after 15 days of its implementation, that is when we will truly know what can happen with its value.
hello @chucho27,
is one of the main problems facing that project, the way they burn SLP's is not efficient at all, not to mention that now they increased the difficulty with which you can make the game profitable. no doubt that that project is facing big challenges, as a player I hope they manage to overcome them.
Greetings @chucho27 in a way that triangle of indecision you mention, has come to an end with more pressure exerted by sellers on buyers, which has led the price in a new bear run, which is accentuated with the current downward movement of BTC.
Hello dear friend @chucho27, I find your article very convenient because of the situation the SLP lives, you performed a good analysis, I have also been following the price and shows a lot of indecision as you mention. Each one will mark their exit moment, according to their strategies.
So long brother, have a great week.
Greetings friend @pelon53, thank you very much for the selection and support to my post, happy day.
@chucho27 i think you are right but what you forget is that that the game is getting some upgrades like the land gameplay plus no body will sell slp if they know the burning has not ended, remember the reason slp crashed is because people were selling plus the infinite supply plus the bots some people were using to farm more slp plus the low in demand of slp but now that this issues are getting addressed you will see slp recover slowly