We are finally reaching the end of the SPS airdrop
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Why finally? Well because the price development for the token over the last year has been abysmal ๐ฎ 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!
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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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I just spent a better half of my morning reading your posts and analysis. Gems for real. Loved them.
Seen this news? What are your thoughts about it? Could this possibly be a bullish signal?
thanks! great that you find them useful :)
I think this is definitely bullish just like all other news which signals institutional adoption. Its a long process with ups and downs
I can't believe that we're so close to the end of the airdrop...let's hope the SPS price skyrockets due the lack of selling pressure!
!1UP
Amen
I hope so too.
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100%
This is so true
My investment at 80 cents has been crushed.
I have it in PolyCub at 68% APR trying to make some back, but definitely should have bailed at 60 cents, as I could have re=entered now and increased my investment.
Still looking at doubling my stake by buying exactly what I hold , but will it keep dropping?
Thatโs holding me back.
Where is the bottom?
What day does the airdrop end?
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July 26th. It's hard for me to believe it will just continue to drop like this. I think this was the longest aridrop in cryptos ever attempted and from what I can tell is that price goes up after it finishes
Okay. One more month.
Are they still dropping vouchers?
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Pretty Cool Graphic, definitely attention grabbing.
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I am looking forward to SPS airdrop ending as well, the free money should end so we start seeing the real value of the token. Over time I do see appreciating in value price-wise.
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I just spent a better half of my morning reading your posts and analysis. Gems for real. Loved them.
Seen this news? What are your thoughts about it? Could this possibly be a bullish signal?