Swipe (SXP) Ready to Escape Descending Triangle Setup – Price Analysis

The latest drop in Swipe price saw the alt back to the support floor of $1.37. AXP presented lucrative sustainability beyond this mark and now seems ready to launch upswings. One of the latest developments for Swipe enthusiasts is that the leading crypto exchange Binance declared acquiring the outstanding SXP shares.

SXP Vital Technical Points

• Swipe bulls regained the 20- and 50-day exponential moving average.
• SXP tokens had their intraday trading volume at $877.6 billion, sowing a 1066.5% surge.

On 16 November, the Swipe token attempted to overcome the challenge at $2.9 with a double bottom formation. Nevertheless, a confluence of the horizontal area with a falling trend-line offered a massive price resistance, pushing SXP towards lower levels.

Meanwhile, the 4 December massive selling momentum had the asset losing the support at $1.95. That resulted in extended corrections, and SXP dropped towards $1.37. The crypto is maintained beyond this lower support and creates an inverted head-shoulder formation. SXP ensured a significant breakout from the neckline at $1.71, authorizing bullish reversals.

According to the critical Exponential Moving Average, Swipe token trades beneath the 100EMA and 200EMA, signaling a bearish trend. Nevertheless, the bullish reversals crossed past the 20- and 50-Exponential Moving Average.

The Relative Strength Index (RSI) displayed a swift recovery from the oversold region.

Swipe Struggles to Overpower Resistance at $0.197

For now, the SXP token hovers around the $1.97 resistance’s doorstep. If the asset encounter rejection in this area, cryptocurrency trades may still have bullish recovery hopes as the token remains beyond $1.74.

Nevertheless, the primary daily chart presents a descending triangle setup, and a significant upward break from the pattern can translate to a lucrative upward move. Meanwhile, the traditional pivot mark shows SXP’s overhead hurdle at $2.02, then $2.2. On the other hand, the asset’s support stood at $18.6, then $17.5.

Swipe can receive a further boost from the overall crypto market with the emerging bullishness. Most tokens appear to join 2022 heading up. Furthermore, cryptocurrency analysts had predicted massive bullish actions in the crypto space in the coming year. Has the party started? You can share your opinions in the reply section below.

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