Swipe (SXP) Double-Bottom Could Lead to Upward Push

2020-10-10 14:08

Swipe (SXP) has created a bullish reversal pattern and is showing signs that it will move upwards in the near future.

The SXP price has been decreasing since Aug 13, when it reached a high of $5.15. The decrease continued until a low of $1.04 was reached on Sept 24. This was just slightly below the 0.85 Fib retracement level of $1.20, which has since been reclaimed. Since then, the price has been increasing.

 SXP Double-Bottom

On Oct 7, the price returned to $1.07, created a double bottom pattern, and began the current upward movement.

SXP Chart By TradingView

Cryptocurrency trader @devchart outlined an SXP chart which shows the double-bottom pattern. Since the tweet, the price has confirmed the pattern and began to move upwards.

Source: Twitter Gunning for Gains

Technical indicators in the daily time-frame are bullish. The MACD is increasing, even though it has not reached positive territory yet. The RSI has generated bullish divergence and the Stochastic Oscillator has made a bullish cross.

In addition, while its slope is not certain due to numerous long wicks, it seems that the price has broken out from a descending resistance line.

These are all signs that SXP is expected to move upwards.

If it does, the next closest resistance area would likely be found at $2.61, the 0.382 Fib level of the entire decrease, and a previous support area. The next resistance area beyond that is found at $3.58.

SXP Chart By TradingView Wave Count

A look at the SXP movement since July reveals a completed bullish impulse and complex W-X-Y correction afterward (shown in black below). The sub-wave count is shown in blue.

If the count is correct, the aforementioned Sept 24 low, which made the first portion of the double-bottom pattern, marked the end of the corrective movement and the beginning of a new upward move.

SXP Chart By TradingView

A closer look reveals a possibly completed 1-2 wave formation. Waves 3-4-5 would customarily follow afterward, which could take the price towards the previously mentioned $2.61 resistance area and beyond.

A decrease below the Oct 7 low of $1.06 would invalidate this particular wave count.

SXP Chart By TradingView

To conclude, the SXP price has created a double-bottom pattern and possibly began a bullish impulse, which could take it towards higher resistance areas.

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Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.

The post Swipe (SXP) Double-Bottom Could Lead to Upward Push appeared first on BeInCrypto.

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Swipe (SXP) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.3268
Капитализация $0 Rank 99999
Цена в час новости $ 1.3415 (-100%)

sxp swipe price future upwards near reached

sxp swipe → Результатов: 12


Binance подтвердила покупку эмитента криптовалютных карт Swipe

Криптовалютная биржа Binance официально объявила о приобретении компании Swipe, специализирующейся на выпуске банковских дебетовых карт с привязкой к цифровым активам. В рамках сделки Binance получила неназываемую часть токенов Swipe (SXP), торги которыми уже доступны в парах с BTC, BNB и BUSD.

2020-7-9 10:04