SXP Coin Preparing To Escape The Descending Triangle Pattern
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The last dip in Swipe tokens dropped its price back to $1.37 support. The token showed good sustainability above this level, which is now trying to start a new rally. A piece of recent news for the SXP investors is that the popular crypto exchange Binance has announced they would be acquiring the remaining outstanding shares of Swipe.
Key technical points
- The SXP token bulls reclaimed the 20-and-50-day EMA
- The intraday trading volume in the SXP token is $877.6 Billion, indicating a 1066.5% gain.
Source- Tradingview
In our previous Swipe coverage on November 16th, the SXP token tried to breach the $2.9 resistance with a double bottom pattern. However, a confluence of this horizontal level with a descending trendline provided strong resistance to price and pushed it back to the lower levels.
After intense selling pressure on December 4th, the pair lost $1.95 support, which extended the correction and plunged the price to $1.37. The token sustained above this bottom support and formed an inverted head and shoulder pattern. The SXP price gave a decisive breakout from the $1.71 neckline, indicating a bullish reversal.
As per the crucial EMAs level, the SXP token trading below the 100 and 200 EMA states a bearish trend. However, the bullish reversal has crossed above the 20 and 50 EMA.
The Relative strength index(70) showed an instant recovery from oversold territory.
SXP Token Struggles To Pass The $0.197 Resistance Mark
Source- Tradingview
The Swipe token is currently at the doorstep of $1.97 resistance. In case the price is rejected from this level, the crypto traders can still hope for a bullish recovery until the price holds above $1.74.
However, the big picture in the daily chart shows a descending triangle pattern, and a bullish breakout from this price pattern can signal a proper uptrend.
The traditional pivot level suggests the overhead resistance levels for the token are $2.02, followed by $2.2. Whereas on the flip side, the support levels are at $18.6 and $17.5.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
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