The crypto market remains cautious and on shaky trade, with TradFi market instability bleeding over into the crypto markets. The past week we continued to see more volatility, mostly fuelled by global macroeconomic fears and continual geopolitical debates. The US continues its trade battles, and this has caused market sentiment across crypto and TradFi to be volatile and choppy with some panicking and others being cautious. BTC and ETH dropped in the past week and support levels are being tested. Many are sitting on the sidelines hoping that BTC and ETH will go through $100k and $3k levels respectively, but amongst all this economic uncertainty it is difficult to determine where the optimism is going to come from. Against this backdrop, Altcoins and especially SPS have had a mixed-bag performance. While it did mirror the general Altcoins backdrop, SPS did show some signs of resilience. Let us dive into the analysis and see what lies ahead for it next week.
SPS Weekly Performance Metrics
SPS started the week at $0.006125 (Feb 7) had a choppy price action and closed the week at $0.006564 (Feb 13), which marks a slight price increase from last week's close but still well below key resistance levels. SPS continues to trade in a very tight range ($0.006 to $0.007) and struggling to gain any significant upward movement past critical resistance levels.
- Opening Price (Feb 7): $0.006125
- Closing Price (Feb 13): $0.006564
- Weekly High: $0.006953 (Feb 13)
- Weekly Low: $0.006125 (Feb 7)
Market Metrics -- Market Cap and Trading Volume
SPS's market cap the past week was relatively stable, with it starting the week at $2.99m and climbing to $3.4m by February 13. The Trading Volumes activity matched a similar pattern to last week, with trading volumes ranging from $68k to a peak of $155k (Feb 12), and even though there were brief spikes, there was no sustained buying interest to shift trends.
- Market Cap (Feb 7): $2.99M
- Market Cap (Feb 13): $3.4M
- 24H Trading Volume High: $155K (Feb 12)
- 24H Trading Volume Low: $68K (Feb 11)
Market Metrics -- Support, Resistance, and Price Behavior
SPS's price action continues to chop in a very tight range with well-defined support and resistance levels. The past week, the $0.00675 resistance level proved a level too high to break through and we saw some glimmers of hope, but then it pulled back. On the support side, $0.006 continues to hold firm as a support level and was tested the past week but held its level.
What to Watch for Next Week
SPS remains correlated with BTC and ETH. If these blue-chip coins see price action that moves in a positive trend, then SPS may benefit from the correlation effect. However, as we have learnt being long enough in the crypto markets crypto markets are affected by macroeconomic and microeconomic factors so while there is a lot of political unrest, it may be best to remain cautious.
- If BTC can reclaim 100k, it could give altcoins like SPS the necessary boost to push further.
- If the $0.00675 resistance level finally cracks, expect renewed bullish interest.
Concluding Thoughts
Despite the external political factors, SPS continues to hold steady despite Altcoins being slaughtered across the board. A move above $0.00675 price could be the first sign of a positive trend shift, while any market movement below $0.006 would signal a negative trend.
What is your take on SPS's current price action?
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