Swipe (SXP) Breaks Out From 316 Day Resistance Line

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In Brief
  • SXP has broken out from a long-term descending resistance line.

  • Technical indicators in the daily time-frame are bullish

  • There is resistance at $2.90 and $4.05

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Swipe (SXP) has been increasing since Feb 24 and has shown numerous signs that it has initiated a bullish trend reversal.

SXP had been falling since reaching an all-time high price of $5.80 on May 3. On Aug 25, it created a lower high (red icon) and resumed its descent. 

So far, it reached a low of $1.04 on Feb 24. The price has been moving upwards since. 

On March 16, SXP broke out from a descending resistance line that had been in place since the all-time high price.

If the upward movement continues, the two closest resistances are at $2.90 and $4.05. Besides being horizontal resistance areas, they are the 0.382 and 0.618 fib retracement resistance levels, respectively.

Future SXP movement

Technical indicators in the daily time-frame support the continuation of the upward movement. 

Firstly, the MACD has been increasing after generating a strong bullish divergence (green line). It is now in positive territory, which is considered a sign of a bullish trend. 

Secondly, the RSI is also increasing after generating bullish divergence and is now above 50. This is also considered a sign of bullish trends.

Therefore, daily time-frame readings support the continuation of the upward movement towards at least $2.90.

The two-hour chart shows that SXP has broken out from an ascending parallel channel and validated it as support afterwards (green icon). 

Therefore, it is in alignment with the daily time-frame in supporting the continuation of the upward movement.

Wave count analysis

Cryptocurrency trader @PrinceofElliott tweeted a chart of SXP, stating that the price has completed an A-B-C corrective structure.

The most likely wave count does suggest that SXP has completed an A-B-C corrective structure (black) when measuring from the all-time high.

Wave C developed into an ending diagonal, as evident by the wedge shape. Such structures are usually retraced swiftly. The sub-wave count is given in white.

Therefore, the wave count is also in alignment with the bullish readings from the daily and two-hour time-frames.

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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