Swipe Price Analysis: SXP downtrend continues after a 71% drop from $5

SXP is currently trading at $1.46 after establishing a robust downtrend.
The peak of SXP was $5, reaching a market capitalization of $314 million.

After a tremendous month in July and half of August, it seems that most of the hype behind SXP is now gone. The digital asset peaked at $5 on Binance but has lost more than 70% of its value in the last month and a half.

SXP/USD daily chart

It seems that the only support level closeby is $1.25, established on July 27. Bears have been able to continuously push the price of SXP down, creating lower lows and higher lows.

Studying the IOMAP chart, we can clearly see a massive support level right at $1.39 and nothing else around. A bearish breakout of this level would most likely take SXP down to $1.25.

SXP/USD 4-hour chart

Bears still need to remain careful as the 4-hour chart could flip bullish in the short-term thanks to a buy signal from the TD sequential indicator. The RSI is also quite overextended and close to dropping below 30.

sxp price

Additionally, looking at the IOMAP chart again, a defense of the $1.39 support level could help SXP to bounce back up and aim for $1.65 as there are relatively low resistance levels on the way up.

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram