Smooth Love Potion (SLP) may have bottomed after falling 60% from February’s high

The Smooth Love Potion (SLP) is down significantly since the February 10th high but has bounced off the key Fib support level and is showing early signs of a potential bullish reversal.

Movement in February

The SLP has been on the rise since February 3rd when it fell as low as $0.0087. The upward move led to a high of $0.0409 on Feb. 10. This equates to a 370% gain in just over seven days.

Since then, however, the price has fallen, falling by 60% in the past 13 days. This led to a low of $0.0165 on February 24th.

SLP/USDT 12 hour chart | Source: TradingView

Signals from technical indicators

SLP daily time frame indicators provide very neutral results.

While both MACD and RSI are falling, the former is at 0 while the latter is at 50.

Daily SLP/USDT Chart | Source: TradingView

However, the 6-hour chart offers a more bullish outlook as both the RSI and MACD are generating significant bullish divergences. This is a sign that a rally may be imminent soon.

In this case, the next resistance is at $0.025.

SLP/USDT 6 hour chart | Source: TradingView

Count waves

Trader @TheTradingHubb tweeted a chart on SLP. states that the token may have completed customization.

Source: Twitter

The SLP wave count shows that the price has completed a 5-wave bullish impulse with the next ABC correction. The number of partial waves is plotted in red.

The bottom of wave C occurs at the confluence of the Fib retracement levels:

• Fib Retracement Support Level 0.786 (Black)
• The length of wave A reaching the crest of wave C (white)
• Project partial wave 1 onto the peak of partial wave 4 (red)

These factors suggest that the entire zone between $0.015 and $0.0175 is a good place to bottom.

Source: TradingView

As for the long-term wave count, it remains to be seen if the entire rally is part of a larger ABC structure (white) or the start of a new bullish impulse (black).

In any case, a move towards $0.05 seems possible, which would generate a 1:1 ratio A:C wave.

 Source: TradingView

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