My personal analysis of the SPS (Splintershards) token today

Today, I have a little discussion about the current status of the SPS token on the MEXC exchange. Those who play the game Splinterlands or are associated with this project know that it is a governance token. However, this small analysis of mine today is about its position in the current market.

If we look at the price chart at the beginning, it can be seen that the token is currently hovering around $0.0082. It is down about 0.80% in the last 24 hours. If we look at the chart on the 1-minute timeframe, it can be seen that it tried to rise to $0.008222 some time ago, but it corrected slightly from there. The moving average (MA) lines are also very close, which indicates that the market is now in a somewhat sideways or stable state. It can be a bit risky to enter here until there is a major breakout.

Now let's get to the overview or basic information of the token. The market cap of the SPS token is currently around $12.84 million, which is considered a fairly small or low-cap coin in the crypto world. Interestingly, its all-time high in 2021 was $1.27! And now its price is below 1 cent. Can you imagine how low it has fallen? However, the good news is that it reached its lowest price of $0.00418 in August last year. From that point, it has now trading at almost double the price. That is, those who bought at the very low prices are now making a good profit. The circulating supply of the token is currently around 1.56 billion, which is half of the total supply.

The most important part is the fund flow or money transaction account. According to the data of the last 24 hours, the selling pressure in the market is very high - about 76.36% of people are now selling it, and only 23.63% are buying orders. This means that panic selling or profit booking is going on in the market. Another notable thing is that there are no large or medium orders here. All of which are being bought and sold by small or retail investors. This means that no big 'whales' or whales are bringing any big movement to this project yet.

Finally, my personal opinion is that the SPS token is now in a crucial zone. Since the selling pressure is high, the possibility of the price falling a little further cannot be ruled out. If you are thinking long-term and have confidence in the gaming project, you can start accumulating little by little by looking at the support level. However, the current market conditions do not seem very favorable for short-term trades. Whatever you do, you must keep your risk management in mind.