MEXCSwipe Price Analysis: SXP Coin Preparing To Escape The Descending Triangle Pattern
The last dip in Swipe tokens dropped its price back to $1.37 support. The token showed good sustainability above this level, which is now starting a new rally. A piece of recent news for the SXP investors is that the popular crypto exchange Binance has announced they would be acquiring the remaining outstanding shares of Swipe.
Swipe Key technical points
- The SXP token bulls reclaimed the 20-and-50-day EMA
- The intraday trading volume in the SXP token is $877.6 Million, indicating a 1066.5% gain.
Source- Tradingview
On November 16, the SXP token tried to breach the $2.9 resistance with a double bottom pattern in our previous Swipe coverage. However, a confluence of this horizontal level with a descending trendline provided strong price resistance and pushed it back to the lower levels.
After intense selling pressure on December 4th, the pair lost $1.95 support, which extended the correction and plunged the price to $1.37. The token sustained above this bottom support formed an inverted head and shoulder pattern. The SXP price gave a decisive breakout from the $1.71 neckline, indicating a bullish reversal.
As per the crucial EMAs level, the SXP token trading below the 100 and 200 EMA states a bearish trend. However, the bullish reversal has crossed above the 20 and 50 EMA.
The Relative strength index(70) showed an instant recovery from oversold territory.
SXP Token Struggles To Pass The $0.197 Resistance Mark
Source- Tradingview
The Swipe token is currently at the doorstep of $1.97 resistance. If the price is rejected from this level, the crypto traders can still hope for a bullish recovery until the price holds above $1.74.
However, the big picture in the daily chart shows a descending triangle pattern, and a bullish breakout from this price pattern can signal a proper uptrend.
The traditional pivot level suggests the overhead resistance levels for the token are $2.02, followed by $2.2. On the flip side, the support levels are at $18.6 and $17.5.
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