Back

Swipe (SXP) Looks to Continue its Bullish Momentum Following Recent All-Time High

author avatar

Written by
Valdrin Tahiri

editor avatar

Edited by
Ryan Boltman

22 September 2021 19:15 UTC
Trusted
  • SXP has been rejected by the $4.10 horizontal resistance area.
  • It is in the process of creating a bullish engulfing candlestick.
  • SXP has completed a short-term bearish impulse.
Promo

Swipe (SXP) has failed to break out above the $4.10 resistance area but temporarily stopped its decrease with a bounce at the $2.05 support area. 

While the token is in the process of creating a bullish candlestick, there is strong resistance left to clear at $2.95 in order for the trend to be considered bullish.

Sponsored
Sponsored

SXP gets rejected

On Aug 25, SXP reached a high of $4.58, but was rejected and created a shooting star candlestick (red icon). This validated the $4.10 horizontal area as resistance. It has been moving downwards since and fell sharply on Sept 7. 

After a brief upward movement, the token resumed its descent on Sept 15.

Technical indicators have turned bearish, supporting the legitimacy of the downward movement. The MACD and RSI are both decreasing. The former is negative, while the latter is below 50. Furthermore, the Supertrend is bearish. 

However, SXP has bounced at the 0.786 Fib retracement support level at $2.06 and is in the process of creating a bullish engulfing candlestick. 

Therefore, even though readings are still bearish, some sort of relief rally is currently transpiring.

SXP movement
Chart By TradingView
Sponsored
Sponsored

Future movement

Cryptocurrency trader @Thebull_Crypto outlined a SXP chart, stating that the next upward movement could take it above $5

SXP movement
Source: Twitter

However, a look at the shorter-term six-hour chart shows that SXP has completed a five wave bearish impulse, which ended with the $1.95 low on Sept 21.

While the token is currently in the process of bouncing, there is very strong resistance at $2.95. This is the 0.382 Fib retracement resistance level and a horizontal resistance area which coincides with a potential descending resistance line. In addition to this, it is very close to the Supertrend line from the daily time-frame.

Therefore, while SXP seems likely to eventually get there, the trend cannot be considered bullish until a breakout above that level transpires.

SXP Resistance
Chart By TradingView

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

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.