SXP has been rallying well over the past few weeks

SXP has been rallying well over the past few weeks, and the buying pressure that started at the bottom of the long-term descending channel suggests that the support at $0.20 could be one of the strongest retracement ranges for the long to medium-term.

But note that these strong retracement moves on the weekly time frame can take the trend out of the fully bearish mode on the weekly time frame. In the last 24 hours, the currency has registered more than 20% price growth, creating a static break of the $0.32 resistance zone.

Due to the heavy volume of trading done yesterday, as long as the SXP support is maintained in the $0.280-$0.290 range, we can expect the price growth to continue to the resistance in the $0.460-$0.490 range.

Note that in the daily timeframe, the price trend is inside a smaller descending channel, and the ceiling of the channel was hit yesterday. Therefore, price correction can still be accompanied by demand until the previous floor of the spike candlestick is broken. One of the most reliable short-term supports is considered in the range of $0.301 to $0.306.