Exclusive Swipe (SXP) Approaches Top of Long-Term Range

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In Brief
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The Swipe (SXP) price has been trading inside a long-term range since Sept. 2020.

Swipe is also trading inside a short-term resistance area and channel. Whether it gets rejected from these levels or breaks out will likely determine the direction of the short-term trend.

 

Swipe Long-Term Range

In August 2020, SXP reached an all-time high price of $3.99 but failed to sustain. It created a very long upper wick. SXP has been decreasing since, culminating with a low of $0.55 in December 2020. However, SXP has been moving upwards since. 

On Feb. 21, SXP managed to increase considerably and reached the $3.90 resistance area. Nevertheless, the resistance cannot be accurately isolated due to numerous long upper wicks. 

The dip that followed took SXP to the $1.80 support area.

Currently, SXP is trading in a range between these two levels.

Technical indicators are bullish. There has been a bullish cross in the Stochastic oscillator and the MACD has turned positive.

SXP Trading Range
SXP Chart By TradingView

New Impulse or Retracement?

Cryptocurrency trader @Thebull_Crypto stated that once SXP moves above this horizontal level, it’s expected to increase all the way to $5.

SXP Movement
Source: Twitter

The aforementioned horizontal level is found at $3.05. This price coincides with the 0.618 Fib retracement level from the most recent decrease.

Similarly to the weekly time-frame, technical indicators are bullish. This is evidenced by the bullish reversal in the MACD. 

However, until SXP manages to close above this area, we cannot confidently indicate that the correction is over.

BTC Retracement
SXP Chart By TradingView

The six-hour chart supports this. It shows that SXP is trading inside a parallel channel. Movement contained within parallel lines is often corrective.

Since the resistance of the channel coincides with the horizontal resistance area, a breakout is required for confirmation of the bullish trend.

SXP Channel
SXP Chart By TradingView

SXP Wave Count

The wave count indicates that SXP has either just begun wave five or is in wave four of a bullish impulse (white). It’s not yet certain if wave four has completed or if it will develop into a triangle or a complex correction.

However, the price is expected to eventually complete wave five, which would likely take it to a new all-time high. The most likely target for the top of the movement is found between $4.94-$5.05

SXP Wave count
SXP Chart By TradingView

Conclusion

The short-term Swipe trend remains uncertain until it gets rejected or breaks out above $3.05.

However, the long-term trend is considered bullish and a new all-time high price is eventually expected.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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