SXP is trading near 0.2100, which is at the lower end of its recent range between 0.1953 and 0.2357. This level seems to be a key pivot point, as the price is holding above the 100-period moving average, a line that has acted as support so far. However, the price is showing signs of consolidation, and a breakout or breakdown from this 0.2100 level will likely set the next direction. If SXP pushes above 0.2100 with strength, it could target resistance at 0.2258 and 0.2357. On the other hand, a drop below the 100-period moving average might lead to a decline toward support at 0.1953 or even 0.1820. Watch this 0.2100 zone closely for the next move.
Technical Indicators:
The Relative Strength Index (RSI) on the 4H timeframe is sitting at 76.5, which puts it in overbought territory. This suggests that the recent upward momentum might be overstretched, and a pullback could happen soon. Despite this, the price being above the 100-period moving average keeps the short-term outlook somewhat bullish. The overbought RSI, combined with the price nearing the upper part of its range, hints at possible selling pressure ahead. Traders should look for confirmation of direction before jumping in, as the risk of a correction is higher with these levels.
External Factors
The broader crypto market is currently volatile, with major coins like Bitcoin and Ethereum experiencing big swings. This choppiness could influence SXP’s price on the 4H chart, making its movements less predictable. There’s no specific news or event tied to SXP driving its price right now, so its direction will likely follow the overall market mood. Keep an eye on external market trends, as a sudden shift could spark a sharp reaction in SXP.
Potential Scenarios:
For a bullish setup, wait for a strong move above 0.2100 with volume to confirm momentum. If that happens, potential targets are 0.2258 and 0.2357. But with the RSI overbought, consider entering after a dip or clear breakout to avoid chasing. For a bearish setup, a break below the 100-period moving average could signal a short, aiming for 0.1953 and 0.1820 as downside targets.
Technical Indicators:
The Relative Strength Index (RSI) on the 4H timeframe is sitting at 76.5, which puts it in overbought territory. This suggests that the recent upward momentum might be overstretched, and a pullback could happen soon. Despite this, the price being above the 100-period moving average keeps the short-term outlook somewhat bullish. The overbought RSI, combined with the price nearing the upper part of its range, hints at possible selling pressure ahead. Traders should look for confirmation of direction before jumping in, as the risk of a correction is higher with these levels.
External Factors
The broader crypto market is currently volatile, with major coins like Bitcoin and Ethereum experiencing big swings. This choppiness could influence SXP’s price on the 4H chart, making its movements less predictable. There’s no specific news or event tied to SXP driving its price right now, so its direction will likely follow the overall market mood. Keep an eye on external market trends, as a sudden shift could spark a sharp reaction in SXP.
Potential Scenarios:
For a bullish setup, wait for a strong move above 0.2100 with volume to confirm momentum. If that happens, potential targets are 0.2258 and 0.2357. But with the RSI overbought, consider entering after a dip or clear breakout to avoid chasing. For a bearish setup, a break below the 100-period moving average could signal a short, aiming for 0.1953 and 0.1820 as downside targets.
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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.