Swipe Price Analysis: SXP Price Would Surge 20% If It Completes This Bullish Pattern

Source : coingape.com

The SXP/USD chart states this token’s short-term downtrend is still intact. However, the token had started displaying some positive outlook by forming a double bottom pattern and by indicating the key technical indicators are slowly turning towards the bull’s side.

Key technical points:

  • The SXP token showed a double bottom pattern in the daily time frame chart
  • The SXP price gives a bullish crossover of the 20-and-50-day EMA
  • The intraday trading volume in the SXP token is $827.6 Million, indicating a 156.8% hike

Source- SXP/USD chart by Tradingview

On October 28th, the SXP token price gave a second bounce from the $2 mark, confirming this level as legitimate support in this chart. Furthermore, the token price indicated a slow and steady rally which managed to reach the overhead resistance of the $2.9 mark.

The crucial EMAs(20, 50, 100, and 200) indicate a strong bullish trend for the SXP token. Moreover, the token chart also shows a bullish crossover of the 20 and 50 EMA, luring even more buyers in the token.

The Relative Strength Index value at 73 indicates a bullish sentiment for this token. Moreover, the RSI line has shown decent recovery, suggesting the bulls are growing in strength.

SXP/USD Chart In The 4-hour Time Frame

TradingView Chart

Source- SXP/USD chart by Tradingview

The SXP technical chart displayed a bullish double bottom pattern in the daily time chart. The neckline for this pattern is at the $2.9 mark, holding a long opportunity for crypto traders. The current price of the SXP token is $1.04, with an intraday gain of 17.2%. 

Once the price gives a proper breakout from this resistance, the SXP traders can consider positioning their funds in this token, as the chart displays a clear target to the $3.51 mark.

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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.
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