Swipe Price Prediction: SXP primed for a 70% rally
- Swipe Price is shaping the handle of a cup-with-handle base.
- SXP could experience a 70% upswing after a successful breakout.
- Underlying volume throughout the base supports the positive outlook.
For the last seven months, Swipe price has been shaping a cup-with-handle base on the 3-day chart. SXP needs to clear the high of the handle to trigger the bullish thesis.
Swipe price formation announces a compelling trading opportunity
Swipe price is confidently defining a bullish cup-with-handle base. Much like the right side of the base’s cup component, the handle has closed with lower volume on the down bars and rising volume on the up bars. It shows that buyers have used weakness to increase position sizes and remain in control.
The SXP base formation forecasts a 70% rally, which is the distance from the high of the handle at $3.87 to the 1.382 extension level of the entire base at $6.68. If the rally accelerates, the 1.618 extension level at $7.73 will be formidable resistance.
The all-time high at $4.99 is the only obstacle for the bullish thesis.
SXP/USD 3-day chart
A prepared trader will always consider the downside to any bullish projection.
If the breakout from the handle is rejected, watch the $2.95 price level on SXP for strong support, a level that goes back to August 2020. The next substantial support level for the altcoin is the 17 three-day simple moving average (SMA) at $2.19, shown in purple on the chart.
Author
FXStreet Team
FXStreet
