Exclusive Swipe (SXP) Attempts to Reclaim Previous Range High Level

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In Brief
  • SXP is facing resistance at $4.05.

  • It's in the process of reclaiming an ascending support line.

  • SXP/BTC has reclaimed the 6,750 satoshi resistance level.

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Swipe (SXP) is in the process of reclaiming a support level that has been in place since the beginning of the year.

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If Swipe manages to reclaim this level, it would be an extremely bullish development that could likely lead to a new all-time high in the process.

Swipe trading range

Cryptocurrency trader @PostyXBT outlined an SXP chart, stating that if the resistance area of the current range is reclaimed, a significant upward movement could follow.

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Source: Twitter

The resistance area is found at $4.05. While the token initially validated this level as support, it has since fallen back below it. 

An interesting development is an ascending support line that has been formed since Jan. 22. SXP has validated this support four times since but broke down below it on April 22. 

However, it’s now in the process of reclaiming this level. If successful, it would be an extremely bullish development. 

Technical indicators are turning bullish but have not confirmed a reversal yet. 

Therefore, SXP is at a crucial point that could determine the direction of its future trend. Reclaiming this zone along with the support line would also turn indicators bullish.

Chart By TradingView

Wave count

The wave count for SXP is not entirely clear. The most likely scenario is that the entire movement since Feb. 16 has formed a corrective structure. In this case, it appears to be a running flat correction. This would mean that SXP has now begun an extended wave three. 

If so, the first resistance area would be found at $7.80, but the token would be expected to break out and increase higher.

Chart By TradingView

SXP/BTC

Similar to its USD counterpart, technical indicators in the daily time frame do not confirm a bullish trend reversal, even though there are bullish signs present. 

SXP has reclaimed the 6,750 satoshi area. As long as it is trading above this level, it’s likely to increase towards the next resistance at 10,500 satoshis.

Chart By TradingView

Conclusion

Swipe is in the process of reclaiming a crucial horizontal and diagonal level. Doing so would confirm that the trend is bullish, likely paving the way for a new all-time high price in the process.

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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