Swipe Price Prediction: SXP must overcome key barrier to see new all-time highs

Swipe price is at the doors of new all-time highs.
The digital asset faces one critical resistance level at $5.5.
The network activity of Swipe has greatly increased in the last week.

Lorenzo Stroe Independent Analyst

Swipe price had a significant rally in the last two weeks hitting a new all-time high at $5.62, but not managing to stay above it. There is a critical resistance level that SXP must overcome in order to fully establish a new all-time high.

Swipe price must crack $5.5 to see new highs

On the 4-hour chart, Swipe price has been rejected several times from a key resistance level at $5.5. Despite establishing a new all-time high, SXP was unable to stay above this barrier.

SXP/USD 4-hour chart

However, things are looking good for the digital asset as the number of new addresses has increased by 33% in the last week. Similarly, the number of active addresses also had a significant rise by 26%.

SXP Network Activity

However, another rejection from the $5.5 key resistance level can quickly drive SXP down to the 50 SMA at $4.4 and even as low as $4 where the 100 SMA is located on the 4-hour chart.

Author

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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