SXP/BTC: Swipe Bullish Reversal Analysis 4H (Aug. 01)
X Force Global Analysis:
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In this analysis, we explore Swipe, a De-Fi (Decentralized Finance) coin with huge potential upside.
Analysis
- To begin with, SXP has formed a falling wedge during a corrective trend, indicating a signal of bullish reversal
- In doing so, it has formed a bullish divergence in which prices formed lower lows, and the Relative Strength Index (RSI) formed higher lows
- Along with it, the Moving Average Convergence Divergence (MACD) also formed a golden cross, signaling a bullish reversal
- However, the RSI is about to test its upper descending trend line resistance
- Prices are currently testing the 0.382 Fibonacci retracement resistance, and SXP is having a hard time breaking and closing above
- Moreover, prices are located under the Ichimoku Cloud resistance as well, which currently aligns with the 0.5 Fibonacci resistance
- While the 20 Simple Moving Average (SMA) shows a potential reversal, looking to potentially form a golden cross with the 100 SMA, it is still trading below the longer moving averages
What We Believe
In summary, while SXP has a decently bullish technical setup, and can benefit from the fact that it's a De-Fi altcoin, we expect strong resistance between the 0.382 and 0.5 Fibonacci resistance zones.
Let us know what you think in the comment section below
Trade Safe.
If you find our analyses to be helpful, make sure to support us by dropping a ‘like’
In this analysis, we explore Swipe, a De-Fi (Decentralized Finance) coin with huge potential upside.
Analysis
- To begin with, SXP has formed a falling wedge during a corrective trend, indicating a signal of bullish reversal
- In doing so, it has formed a bullish divergence in which prices formed lower lows, and the Relative Strength Index (RSI) formed higher lows
- Along with it, the Moving Average Convergence Divergence (MACD) also formed a golden cross, signaling a bullish reversal
- However, the RSI is about to test its upper descending trend line resistance
- Prices are currently testing the 0.382 Fibonacci retracement resistance, and SXP is having a hard time breaking and closing above
- Moreover, prices are located under the Ichimoku Cloud resistance as well, which currently aligns with the 0.5 Fibonacci resistance
- While the 20 Simple Moving Average (SMA) shows a potential reversal, looking to potentially form a golden cross with the 100 SMA, it is still trading below the longer moving averages
What We Believe
In summary, while SXP has a decently bullish technical setup, and can benefit from the fact that it's a De-Fi altcoin, we expect strong resistance between the 0.382 and 0.5 Fibonacci resistance zones.
Let us know what you think in the comment section below
Trade Safe.
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As anticipated, SXP has retested support before breaking out to all time high levels.
We have broken through the 0.786 Fibonacci resistance as well, as prices seek to potentially test the 1.618 Fib resistance for the mid term.
However, as demonstrated by the envelope, the bullish momentum is too strong, and may be overextended. Both the RSI and Stochastic Oscillator also demonstrate that SXP is at overbought territories.
The MACD, however, continues to demonstrate momentum for the bullish trend.
A small correction or phase of consolidation to cool down overbought technicals would still be considered a healthy move for the long term bullish trend.