30 Days Left of the SPS Airdrop!
We are finally reaching the end of the SPS airdrop
Why finally? Well because the price development for the token over the last year has been abysmal 😮 It's been one long downtrend with new "impossible" lows which I don't think anyone doing TA predicted correctly (myself included!). But what I learned from this is that airdrops are not a good time to hodl unless you are really in for the long haul. I have seen this pattern repeated for other airdrops (I am looking at you pCUB etc.): price gets crushed by people who see the airdrop as free money. With this mentality in a free market the price development is always negative. This is the reason for why I am looking forward for the airdrop to end! There is a good chance for a price reversal.
SPS has been in a downward trend since the beginning. One huge descending triangle which has so far very accurately predicted the new lows. To the top price could not break out of this triangle, although there have been many attempts. At about 6 cents currently we are down over 90% from the ATH. Pretty tough for hodlers especially since this has lasted for almost a year now!
But all trends break eventually, right? I think so at least. A descending triangle is generally followed by a break out in price to the upside. With the private sale having ended and the public airdrop ending in 30 days could SPS finally break out to the top? There is still room for SPS in this triangle, but from my experience I can say that it never runs to the end.
A closer look reveals that we have some parallel channels running to the side. These seem to have some predictive power for future price targets. However, since all my predictions have been off for SPS I am not going to predict anything crazy :) But I will make one: I think there will be a break out to the top in the next few weeks somewhat coinciding with the end of the airdrop. I am not sure about how fast price could climb, but a moderate trend would give us perhaps 9-10 cents at around September.
There is still a lot of liquid SPS out there with about 380 Million (total supply is about 810 Million). But it does seem that more is being staked. Of course with the airdrop ending there is going to be a lot less SPS going around. So selling pressure will get a lot less. I guess we will have to just wait and see how it plays out!
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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