There are two scenarios I have outlined that could potentially happen in my opinion.
1) We really really REALLY need to hold this green box as support and break above previous highs so we can make our way out of the ichimoku cloud and start an actual uptrend. As of right now, SLP has been generally trading sideways for the most part.
2) If SLP manages to do this, we could very well see a move to around 6 cents.
3) We will need to break above the 200 day moving average (blue line) as well, which is pretty important for most cryptocurrencies.
4) If SLP breaks this green box of resistance to the downside, we could very well sweep the low again.
5) This is not financial advice and always do your own research before entering a trade.
1) We really really REALLY need to hold this green box as support and break above previous highs so we can make our way out of the ichimoku cloud and start an actual uptrend. As of right now, SLP has been generally trading sideways for the most part.
2) If SLP manages to do this, we could very well see a move to around 6 cents.
3) We will need to break above the 200 day moving average (blue line) as well, which is pretty important for most cryptocurrencies.
4) If SLP breaks this green box of resistance to the downside, we could very well sweep the low again.
5) This is not financial advice and always do your own research before entering a trade.
