SXP
SXP/USDT: Huge Cup and Handle on the daily!SXP has been respecting fib levels to the dot and only recently, it has managed to hit an ATH at 5.638, with a major strong support validated at the 2.52 zone. On the larger timeframe an obvious cup and handle has been forming over several months. Now we look for a retracement along side BTC approaching resistance, with ENTRY LONG targets of 0.618 to 0.5 fib levels, which has previously served as a strong support - the $4.5 zone has seen repeated rebounds after SXP gets rejected off $5.2 resistance in the earlier days of April 2021.
ENTRY: 4.35-4.7
Targets: 5.6, 7.588 and 9.1252 (the completion of the cup and handle formation)
SL: For stop loss we can choose a tight stop at $3.9509 or if would like more allowance for volatility, stop loss can be placed at $3.4798, beyond which a bullish retracement is definitely invalidated and we look more for a DOUBLE BOTTOM or a RANGE between $2.5-5.5
NOTE: A daily bullish close above 5.01 would mean validation of the previous resistance cluster as support, which might mean our entries may not even be filled. However, this is not a likely scenario due to the extended run SXP had went from 23 April without a real correction.
SXP for $ 10 soon !!!SXP tranding beautifully and still forms higher highs and higher lows. We will probably attack the $10 price during this bull market.
Currently, SXP has seen great growth in recent days.
According to the volume, it seems that the bulls are running out of power and we can expect a probable drop slightly below 5 USD.
Subsequently, I expect further growth and new ATH above $6.
SXP breakout coming SXP is forming ascending triangle on the lower time frame and we expecting a breakout soon. Those who missed our SXP call earlier can enter now with stop loss. CZ recently tweeted that Binance is the biggest investor in SXP. Also, the founder of SXP burned all his initial SXP holdings that is 17% of the total supply.
Buy Zone: $4.5
Target: $4.95 - $5.35 - $5.85 - $6.3 - $6.9 - $7.4 - $8.1 - $8.8 - $9.3 - $9.9 (can go beyond these targets in long term)