Crypto Market Analysis: Will Smooth Love Portion (SLP) have an upward trend from here?

Smooth Love Potion (SLP) is a gaming token that is created by Axie Edge. SLP operates on the Ethereum Platform and it breaches both the gaming world and DeFi space.

Smooth Love Potion (SLP) tokens can be earned as rewards by Axie Infinity players through battle or adventure mode. The tokens can be used to breed new digital pets, known as Axies while playing Axie Infinity. 

Investors can also obtain SLP tokens by purchasing them from cryptocurrency exchanges such as Binance, KuCoin, Gate.io, FTX, Gemini, OKEx, Uniswap (V3), SushiSwap and many more. 

More information about SLP can be found at https://axieinfinity.com/.

Read more in the whitepaper: https://whitepaper.axieinfinity.com/

What could this scoop mean for the crypto asset buyer?

According to data from Coingecko, SLP price is up by over $0.0826 with a 24-hour trading volume of over $500,000,000 at the time of writing. It has a circulating supply of 2.1 Billion SLP coins and a market capitalization of $176,865,656 currently.

SLP price reached an all-time-high (ATH) of $0.399727 13 July, 2021. Thereafter, the price of SLP followed a downward trend and went as low as 80% decline in value. 

Technically, we see from the chart that SLP got to a major support level and bounced back as expected. The price is most likely to increase from there. However, it is important to also prepare for a different scenario.

Traders must trade carefully and know how to respond to market hypes. Cryptocurrency trading is subject to high market volatility. Please make your trades cautiously and stay away from unexpected losses by applying appropriate risk management. 

Not financial advice.