Up until now, Swipe (SXP) didn’t participate in the current altcoin rally, and has been lagging and showing a choppy price action. Since mid October, SXP has been confined to a narrow range of 0.60 to 1.2 USDT. The trend is bearish but from the last 2 weeks, it is showing buying strength.
On the higher side, the immediate hurdle is placed at 1.25, it has tried to breach this level 3-4 times but failed miserably. If it clears this resistance decisively, the overall market structure will turn bullish and further buying momentum is most likely to continue till the first target of 1.85, followed by the next target of 2.5.
On the flip side, the nearest support is present at 0.88 as its 25-DEMA is also present here. However, if this support is breached on the closing basis, the next major support level is present at 0.65.
MACD is completely flat and is currently not showing any kind of trend, whereas RSI has started to make higher highs and higher lows which mildly depicts that buying strength has started to grow, and also the volume has been increasing significantly from last 1 week.
However, a decisive breakout above 1.25 will be required for the confirmation of Trend reversal.
On the higher side, the immediate hurdle is placed at 1.25, it has tried to breach this level 3-4 times but failed miserably. If it clears this resistance decisively, the overall market structure will turn bullish and further buying momentum is most likely to continue till the first target of 1.85, followed by the next target of 2.5.
On the flip side, the nearest support is present at 0.88 as its 25-DEMA is also present here. However, if this support is breached on the closing basis, the next major support level is present at 0.65.
MACD is completely flat and is currently not showing any kind of trend, whereas RSI has started to make higher highs and higher lows which mildly depicts that buying strength has started to grow, and also the volume has been increasing significantly from last 1 week.
However, a decisive breakout above 1.25 will be required for the confirmation of Trend reversal.
Note
The first target done in SXP.Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.