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.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.