Crypto Analysis | SPS 1 Cents Is Here – 10 Cents a'comin?

Good day Hiveians!

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After 5 months and dipping to 0.4 cents...

...SPS has finally gone back up to 1 cents. It’s obviously not impressive considering SPS dropped 99%+ over the course of its existence. But things are shaping up and looking brighter than just sveral months ago when it wasn’t at all clear that we would get a proper bull run. With that being the case now, let’s look at the current situation for SPS.

First, in a previous post I gave this outlook which was pretty much spot on imo.

Prices continued to go up for the last 2 months and are about to hit the first real resistance at 1 cents. Since markets feel bullish I would expect this to be broken and continue on the upward pointing path where the next resistance is 2 cents.

Here is the updated chart with the resistance zone highlighted:

I would expect the 2 cents resistance as a bigger challenge. As you can see we can also see the trajectory for SPS, should it reach the $0.1, $0.5 or $1 targets. They are pretty steep and there is no real room for a significant pull back should this bull run peak at the end of 2025.

Stats

When we look at SPS‘ stats we can see that SPS has a daily volume of around $100k which is not great, but not terrible as well. We currently have a $12M MC which is actually not bad at all for a game built on Hive. The stats regarding total supply are a bit wrong here since there is already close to 1.6B SPS in circulation.

MEXC dominates trading

I got interested about the volume for SPS and we can see that around 70% of SPS‘ volume exists on MEXC. When we look at the chart we can see some good developments imo.

From March to around August we could see a rising volume with falling price which can be a bullish reversal sign. Then we had a big unexplained drop (at least I am unsure about its cause). And finally a sudden increase that has taken volume to almost 50M (which is around $500k) for the weekly time frame.
The encouraging part of this development is that this volume is sustained and at a much higher level than last year.

Conclusion

SPS is slowly recovering. 0.4 cents seems to have been the final bottom before entering the bull run. The trajectories for reaching the aforementioned targets are all quite steep and leaves little room for corrections. With 10 cents SPS would already have a MC of around $160M which is quite good for a web3 game. Of course the MC for other games in the last bull run has been much highe and this leaves room for a higher MC. Although $1 would push it to around 1.6B which is... well, a lot.
I definitely think SPS will be able to reach 10 cents next year, especially if the team continues to deliver and expands on the new player experience and overall marketing. VONAK!

 

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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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