Swipe (SXP) Breakouts, Targeting a Horizontal Resistance

Briefly –

· SXP broke out from its descending resistance level.
· The coin has to deal with resistance zones around $2.40 - $3.10.
· Swipe potential trades within a climbing channel.

The altcoin has seen gradual uptrends since 19 May and managed to break out from a downward resistance line.

The recent crypto sentiments have seen most coin trading in upside movements. Though SXP had upsurges, it failed to overcome a vital horizontal zone. For now, the cryptocurrency might trade in a corrective formation for the coming sessions.

Long-term Price Moves

SXP endured plunges since its record highs on 3 May, hovering around $5.97. Swipe saw its prices dropping to $1.33 on 23 May as the overall market was in turmoil.

Recent crypto moves had SXP surging. However, it did not manage to break over the horizontal resistance at $2.40. If buyers could ensure a move above this level, SXP would have its following resistance near $3.10. Keep in mind that this is also the .382 Fibonacci retracement zone.

Meanwhile, technical indicators still depict bearishness regardless of the price bounce. The MACD decreases as the RSI fluctuates beneath 50. Moreover, the stochastic oscillator recorded a bearish cross.

Swipe Breaks Out

The asset's daily chart shows bullishness emerging. The best thing is that the altcoin managed to overpower the descending resistance even after consolidating for around 71 days. The breakout came after the MACD line saw a bullish divergence.

Also, the stochastic oscillator had a bullish cross as RIS moved over 50.

At the moment, SXP has found resistance at $2.70.

However, looking at daily and weekly time frames, the crypto has massive resistances from $2.40 to $3.10. Swipe has to overpower this zone to confirm bullishness regardless of the indicators giving hopes.

Wave Count

Market analysts believe that SXP is likely to complete its recent correction after analyzing the price chart.

A significant wave count shows that the coin finished its bearish attitude after the 20 July lows. That way, it truncated wave five as it ended over the third wave low.

For now, SXP appears to start an A-B-C structure. The currency has chances to soar towards $3.10 after slight drops.

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