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.
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Trade Safe.
