Smooth Love Potion (SLP) has been ascending promptly in February, giving off the impression which the price has potentially begun a new bullish impulse.

On Feb. 3, SLP realized a new all-time low of $0.087. Afterwards, it bounceped considerably and proceeded to reach a high of $0.0409 on Feb. 10. This amounted to an increase of 362% from the aforementioned all-time low price.

After all, the price created a prolonged upper wick and has been collapsing afterward. So far, it has fallen by 23.63%. 

SLP Bounce
Chart By TradingView

Ongoing ascending development

The rapid skyward evolutionment has one time before again effected a crucial increase in technical indicators for SLP. 

This is especially evident in the RSI, that quickly progressd from atopsold to abovebought territory in roughly two weeks. The RSI is a momentum indicator, and this rapid increase is a sign that bulls are gaining strength.

Similarly, the MACD has greatly accelecostd its cost of increase, even though it is not yet positive. Both of these are examined bullish signs.

While SLP was rejected by the $0.039 resistance, this is only a horizontal resistance field. There is higher resistance at $0.058, created by both a horizontal and a Fib resistance level.

SLP breakout
Chart By TradingView

SLP wave count analysis

Cryptocurrency trader @TheTradingHubb tweeted a chart of SLP, stating that the cryptocurrency has begun a new bullish impulse.

SLP changement
Source: Twitter

The ongoing increase does look like a concluded five wave ascending changement, in that the fifth wave extfinished. The strong was made very close to the 1.61 length of waves 1-3, that is common in fifth wave extensions. 

As a result, a corrective period seems possible. Assuming that the ongoing drop goes on, the closest support would be at $0.028 and $0.0248. These are the 0.382 and 0.5 Fib retracement support levels, respectively.

SLP Wave count
Chart By TradingView

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