LUNC, SLP and STEEM May Never Make All-Time Highs Again

Top 5 Altcoins to Watch in November 2022

The Luna Classic (LUNC) price failed to sustain its breakout and is back trading below its descending resistance line. The Smooth Love Potion (SLP) price has been making all-time lows over the past three months and shows no signs of a reversal. The Steem (STEEM) price has been rejected by a long-term descending resistance line and horizontal resistance area.

LUNC Price Resumes Downward Movement After Failed Breakout

The LUNC price has decreased underneath a descending resistance line since Oct. 2 (red icon). 

On Oct. 30, the Luna classic price made an attempt at breaking out, which initially seemed to be successful. However, the upward movement could not be sustained and the LUNC price fell below the line two days later.

If the downward movement continues, the next closest support area would be at $0.000013, created by the 1.27 external Fib retracement of the most recent increase.

Due to its extremely high supply of 6.9 billion, it seems unlikely that the Luna Classic price will ever go back to its all-time highs.

SLP Price Falls to New All-Time Low

The SLP price has been falling since reaching a high of $0.0057 on Aug. 12. The downward movement caused a breakdown from an ascending support line on Aug. 19, before the price validated it as resistance four days later (red icon).

Afterward, SLP resumed its downward movement and fell to a new all-time low of $0.0030 on Oct. 13. Over the past 24 hours, the price is at risk of breaking down below the $0.0031 support area, falling to a new all-time low. Conversely, increasing above the Aug. 12 highs would invalidate the bearish prediction.

A strong reason why SLP might never make an all-time high again is its ballooning supply. While the burn/mint ratio has stabilized over the past month, the massive discrepancy between the two during Sept. 2021 to May 2022 has caused the supply to increase to 42.70 billion. 

So, a movement back to its all-time highs of $0.32 would give it a market capitalization of $13.6 billion, moving it to number 10 based on its market capitalization.

STEEM Price Fails to Break Out Above Resistance

The STEEM price has been falling underneath a descending resistance line since April 2021. While doing so, it also broke down below the $0.25 horizontal area, which is now acting as resistance. The confluence of these two resistances makes it unlikely that the STEEM price will break out. 

As a result, a decrease toward the $0.14 horizontal support area seems to be the most likely scenario.

There seems to be a decreased demand for STEEM, since the high of the current bull run was considerably lower than that of 2018.

An increase of 545% would be required to reach it, while an increase of 4300% would be required to reach the all-time high of $10.17. As a result, it seems unlikely that the STEEM price will be able to reach one.

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