Sunday, December 3, 2023

SXP breaks out from descending resistance line, establishes upward trend

Swipe’s native token SXP has noted an upward trend after bottoming out at $1.04 on February 24. It has been making progress and initiated a bullish trend reversal. SXP has struck an all-time high of $5.80 on May 3 and created a lower high on August 25, and continued to fall.

It broke free from a descending resistance line on March 16. At the time of writing this article, SXP was down by 1.51% in the last 24-hours and trading at $1.60, as per CoinMarketCap. It has gained 5.79% in the last seven days. If Swipe’s native token continues an upward movement, it will face resistance at $2.90 and $4.05. These marks are horizontal resistance areas as well as fib retracement resistance levels.

Analysts, with technical indicators in mind, believe there will be a continuation of the upward movement. The MACD is in positive territory, after generating a strong bullish divergence. This is also regarded as a sign of a bullish trend. According to TradingView data, SXP has broken out of the ascending parallel channel. Moreover, SXP is in alignment with the daily time frame. Crypto traders say the price has completed an A-B-C corrective structure.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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