Hi dear friends, hope you are well and welcome to the new trade setup of Smooth Love Potion ( SLP ) token.
Down channel formation:
Since the 1st week of Nov, SLP is moving in a long-term down channel . Recently it found new support at $0.03 but broke it down. For any big move, priceline needs to breakout 1st this channel and then there is key resistance at $0.06. There is also 100 simple moving average resistance at almost $0.06.
Previous channel:
There was also such a long channel fromed from 1st week of Aug to the 1st week of Oct 2021. When SLP broke out the channel then it was rejected by 100 SMA resistance.
Key resistance:
As we have discussed above that for any big move 1st priceline needs to break out the channel and then a key resistance of $0.06 because this key resistance has been working as very strong support. Therefore it can work as very strong resistance as well.
You can also support my work at Patreon for more ideas:
https://www.patreon.com/moon333
In order to play and watch the current performance of the chart you need at least a free account on tradingview:
https://www.tradingview.com/gopro/?share_your_love=moon333
KuCoin is one of the best exchange to find crypto gems:
https://www.kucoin.com/ucenter/signup?rcode=rJSDVT3
Link for Binance exchange, to trade crypto:
https://www.binance.com/?ref=11256882
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
