Swipe Price Forecast: SXP on the verge of a 50% breakout
- Swipe price has confirmed a cup and handle formation, hinting at a 50% bull rally soon.
- Transactional data shows a combination of stable demand barriers with little to no resistance ahead.
- A breakdown of the $3.35 support level could threaten SXP’s optimistic outlook.
Swipe price shows a bullish bias which could propel the coin to new all-time highs.
Swipe price primed for a new all-time high
Swipe price action saw it slide from $3.79 to $1.8 and back to its starting point, creating a rounded bottom-like structure known as the “cup.” A similar price action followed as SXP retraced from $3.79 to $2.7 and then rose back to the supply barrier at $3.79, creating a “handle.”
The cup and handle formation forecasts a 52% upswing, determined by measuring the distance between the horizontal resistance and the bottom of the cup. Adding this distance to $3.79 puts Swipe price at $5.76, a new all-time high.
SXP/USDT 6-hour chart
Supporting the bullish outlook is IntoTheBlock’s Global In/Out of the Money (GIOM) model, which shows little to no resistance ahead for Swipe. Further, stable support at $3.35 harbors 1,650 addresses that previously purchased 23.19 million SXP here.
If SXP price were to dip in the short-term, investors in this region would absorb it.
Swipe GIOM chart
Regardless of the bullish outlook, investors should note that a spike in bearish momentum resulting in a breakdown of the demand barrier at $3.35 could result in a 20% drop to $2.67.
GIOM cohorts reveal that 1,600 addresses hold nearly 39 million SXP tokens here. While this does invalidate the cup and handle formation, it doesn’t necessarily affect the bullish outlook for Swipe price as significant support levels are stacked below $2.67.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
