Swipe (SXP) failed to break the $ 4.10 resistance area but temporarily stopped its decline when it bounced off the $ 2.05 support area.
Even so, the token has yet to break the stiff resistance at $ 2.95 for the trend to be considered bullish.
On August 25, SXP hit a high of $ 4.58 but was rejected and created a shooting star (red symbol). This confirmed the $ 4.10 horizontal resistance area as resistance. It has since fallen and collapsed on September 7th.
After a brief upward movement, the token resumed its decline on September 15.
The technical indicators have turned bearish which supports the validity of the downtrend. MACD and RSI are both falling. The MACD is in negative territory and the RSI is below 50. In addition, the supertrend line is declining.
However, the SXP has rebounded from the 0.786 fib retracement support at $ 2.06 and is in the process of creating a bullish engulfing candle.
As a result, the rally is now underway even though the indices are still falling.
Daily SXP / USDT Chart | Source: TradingView
Trader @Thebull_Crypto sketched the SXP chart, suggesting that the next uptrend could take him above $ 5.
The source: Twitter
However, a look at the shorter-term six-hour chart reveals that the SXP took a five-wave downward impulse, ending at a low of $ 1.95 on September 21.
Although the token is currently on an upswing, there is a very strong resistance at $ 2.95. This is the .382 fib retracement resistance, the horizontal resistance area and the potential descending resistance line. It is also very close to the super trend line in the daily timeframe.
Therefore, while the SXP can rise to $ 2.95, the trend cannot be considered bullish until a breakout above that level occurs.
SXP / USDT 6-hour chart | Source: TradingView
You can see the SXP prices here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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