The traditional financial (TradFi) and crypto markets have been riddled with volatility the past week. The consequence of the geopolitical events, like US trade wars with its neighboring countries and other countries, continue to send waves of FUD across all markets and crypto wasn't excluded. We saw Bitcoin (BTC) and Ethereum (ETH) reach break-through support zones very easily and the fear-mongering has been rife. Despite all of this drama, SPS presented a mixed performance this past week. Let's dive into key metrics, and what lies ahead.
SPS Weekly Performance Metrics
SPS opened the week of February 1, 2025, at $0.00708 and steadily declined to $0.00613 by February 6. This marks a 13.2% drop over the week, highlighting the challenges faced by many altcoins the past week in amongst the turbulent political landscape.
Key Data Points
- Opening Price (Feb 1): $0.00708
- Closing Price (Feb 6): $0.00613
- Weekly High: $0.00717 (Feb 1)
- Weekly Low: $0.00613 (Feb 6)
Market Metrics -- Market Cap and Trading Volume
The SPS Market Cap began at $3.51m on January 31 and slid down to $2.99m by February 6. The SPS Trading Volumes fluctuated widely between $69k and $174k with peak volumes experienced on February 3 ($174467). This consistent decrease in both price and market cap underlines the broader impacts from the wider TradFi and crypto markets sentiment and even though there were occasional volume spikes, sustained buying interest was not present this week.
Market Metrics -- Support, Resistance, and Market Behavior
The past week, it was almost inevitable that SPS was going to breach its critical support level at $0.00675, a support line it managed to hold the past week weeks. This break to the downside signals weaker market conditions and one that has been shared majority of altcoins this week. Resistance levels at $0.00725 have remained untested for the past three weeks since I started a more in-depth SPS price analysis.
What to Watch for Next Week
While BTC and ETH have shown marginal recoveries driven by increased institutional involvement, altcoins like SPS are facing an uphill battle. Even memecoins like $Trump is suffering, and the market's bias is shifting towards blue-chip crypto assets rather than gambles. Several things to look out for SPS next week:
- Support and Resistance Levels: The $0.006 level now becomes the next support level to monitor. A breakdown here could accelerate selling pressure. Conversely, reclaiming the $0.00675 resistance could serve as a catalyst to breach the next resistance level ($0.00725) which has proved difficult to break through the past 3 weeks.
- SPS continues to remain highly correlated to the majors (BTC and ETH) and therefore any major price movements in either could prove positive or negative.
Concluding Thoughts
SPS faced another challenging week which is aligned with the broader crypto markets despite the geopolitical challenges that have been rife the past week. Its price dipped below key support levels the past week. If you actively trading SPS, you will need to monitor the next support level before deciding to take the plunge.
What are your thoughts on SPS's performance and potential? Let me know in the comments!
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