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The infamously known SLP market has finally begun to give hope of tampering with its price bottom and readiness to reverse. Beginning on 7 September, the SLP price began to actively slow down the fall in the range of $0.075-$0.077. The trading volumes began to grow and the local lows update stopped for a week. However, this price range had the function of stopping aggression. The reversible function was in the range of $0.058-$0.06.
https://www.tradingview.com/x/5p64N9h8/
Buyers Launched a Counter Attack
On 21 September, sellers were able to test this liquidity zone. Though the fall occurred by inertia without much pressure. Feeling this, buyers over the next two days signaled their readiness to begin reversing the depressive downward trend. Buyers tested the range of $0.075-$0.077 on increased volumes but failed to take control of it for the first time. The main fact to pay attention to is the nature of the SLP price fall in the period from 24 to 30 September.
As we can see on the daily chart, this fall was as weak as possible. Also, it was not supported by high trading volumes. Thus, openly showing their weakness, sellers passed the initiative in the SLP market to buyers. On 4 October, the highest daily trading volumes in the SLP history took place on the market. This time, buyers have already broken the range of $0.075-$0.077 and were able to retain control over it in a retest.
All these facts indicate the willingness of buyers to continue to increase the SLP price with the first serious target of $0.13. As you can see in the chart, in this range is the global trend line of sellers, who keep the downward trend from 13 July. At this point, you will need to closely monitor how strong buyers are and whether they are ready to break the downward trend from the first time and avoid correction.
Technical Analysis of SLP in the 4-Hour Timeframe
https://www.tradingview.com/x/r9PALXt8/
Analyzing the SLP price chart in the 4-hour timeframe, you see that sellers do not want to give control over the market. But, they clearly do not have the strength to continue to push the price down. Notice how strongly sellers with limit orders slowed down price growth in the range of $0.09-$0.1 on 4 October. After such a triumphant victory over buyers, a new aggressive attack of sellers was to begin with the local low update.
Nevertheless, we see that the price decline took place at low volumes. In addition, almost every 4-hour candle was closed with a pin downwards. This fact shows the interest of buyers to buy even when the price falls. Therefore, if there is no catastrophe in the cryptocurrency market globally, then October should be the month of SLP market recovery.