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Exclusive Swipe (SXP) Moves Back to Trade at Range Lows

2 mins
Updated by Kyle Baird
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In Brief

  • Swipe is trading between support and resistance at $1.80 and $2.80 respectively.
  • SXP is likely trading inside a corrective wave four.
  • SXP/BTC is trading between support and resistance at 4,000 and 6,600 satoshis respectively.
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Swipe (SXP) has been decreasing since Feb. 12 and is currently trading inside a range between $1.80 and $2.80.

Swipe is expected to continue consolidating in this range before potentially breaking out.

 

Swipe Trading Range

SXP has been moving upwards with strength since Jan. 27, when it initially broke out above the $1.20 resistance area. SXP proceeded to reach a high of $2.98 on Feb. 12 but has been decreasing since.

The failure to continue moving higher is important since the $2.80 area is the 0.5 Fib retracement level of the entire downward move. This is a level that is now validated as resistance.

The ongoing decrease has also taken SXP all the way down to $1.80, validating the previous breakout level as support.

SXP is now trading in a range between these two levels.

Technical indicators are neutral but leaning bearish. The Stochastic oscillator has made a bullish cross and both the RSI and MACD are moving downwards.

SXP Trading Range
SXP Chart By TradingView

Cryptocurrency trader @CryptoNewton outlined an SXP chart, stating that an ensuing breakout would likely take SXP to $3.83 and eventually $5.

SXP Movement
Source: Twitter

While a breakout above the $2.80 resistance area would most likely trigger an upward movement towards the targets provided in a tweet, the daily chart does not provide sufficient confirmation that SXP will break out.

Future Movement

The wave count suggests that SXP has completed wave three (shown in white below) of a bullish impulse that began in December 2020.

If correct, SXP is now correcting inside wave four. The corrective structure has just begun, thus its final form cannot be determined at the current time. It’s possible that the structure will eventually develop into a fourth wave triangle.

The sub-wave count is shown in orange.

SXP Wave Count
SXP Chart By TradingView

The two-hour chart shows that SXP is still trading below both the 0.5 and 0.618 Fib retracement levels, thus indicating that the short-term trend is bearish. Despite this, both the RSI and MACD suggest that a breakout is likely.

If the aforementioned fourth wave triangle develops, SXP would be expected to consolidate throughout the week before eventually breaking out.

However, the pattern is not yet confirmed, thus SXP could develop into some other type of corrective structure.

SXP Future Count
SXP Chart By TradingView

SXP/BTC

SXP/BTC has been moving upwards since breaking out from a descending resistance line on Jan. 18. So far, SXP has reached a high of 6,599 satoshis on Feb. 11.

However, SXP has been decreasing since and has validated the 4,000 satoshi area as support. Similar to the SXP/USD pair, SXP/BTC is trading in a range between 4,000 and 6,600 satoshis.

Technical indicators provide a mixed outlook. While the RSI is above 50, it has been decreasing and the Stochastic oscillator is very close to making a bearish cross.

Therefore, it would make sense for SXP to trade between these two levels in the short-term until the direction of the trend is decided.

SXP/BTC Movement
SXP Chart By TradingView

Conclusion

Swipe is likely in a corrective wave and is expected to consolidate before breaking out. This stands true for both the SXP/USD and the SXP/BTC pair.

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

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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 ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona 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. (I do not have a discord and will not contact you first there. Beware of scammers)
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