- Smooth Love Potion price has jumped to the highest point since February.
- The performance has happened even after the major Axie Infinity hack.
The Smooth Love Potion price held steady on Monday as investors predicted that Axie Infinity will recover even after the recent hack. SLP rose by over 14% and is trading at the highest point since February 17th. It has risen by more than 200% from its lowest level in February.
SLP and AXS price action
Axie Infinity is one of the biggest metaverse and gaming platforms in the world. It is a card ecosystem that lets people play and win rewards. These rewards are usually in the form of the Smooth Love Potion, a cryptocurrency valued at over $1 billion. The AXS token, on the other hand, is a token used to facilitate governance and staking in the network.
Axie Infinity has had a difficult time in the past few days after it revealed that its platform had been hacked through its Ronin network. Hackers managed to steal cryptocurrencies worth over $625 million, making it the biggest hack in the DeFi industry.
In a statement last week, Sky Mavis, the parent of Axie Infinity said that it was taking measures to prevent such a hack again. Part of the strategy is to replace all former validators, which some suspect had a role to play in the hack.
The company is also working with Chainalysis and Crowdstrike to monitor te stolen funds and hope that it can recover them. Therefore, the Smooth Love Potion price is rising as investors hope that the funds will ultimately be tracked. It has been possible to track and recover some of the funds that were hacked in the previous DeFi hacks.
In another update, the developers wrote that Binance had resumed withdrawals for Axie Infinity Shards (AXS) and Smooth Love Portion coins.
Smooth Love Potion price prediction
The four-hour chart shows that the SLP price found a major bottom at about $0.015, which was the lowest level since March 14th. Since then, it has managed to cross the important resistance level at $0.02, which was the highest point on March 25th. The coin has also moved slightly above the 50-day moving average while the MACD has moved slightly above the neutral level.
Therefore, the SLP price will likely keep rising as bulls target the next key resistance at $0.035, which is about 32% abov the current level. A drop below the support at $0.023 will invalidate this view. Learn how to buy cryptocurrency.
