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Altcoin SXP is ready to rise after the formation of a double bottom

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Altcoin SXP is ready to rise after the formation of a double bottom

Altcoin SXP is ready to rise after the formation of a double bottom
CONTENT

  • Altcoin XSP Forms Double Bottom Around $ 1.05

  • The price may have already started to rise

  • Resistance is expected at $ 2.61

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Altcoin Swipe (SXP) has formed a bullish reversal pattern and signals readiness for growth in the short term.

Double bottom

The SXP has been declining since August 13, when the price peaked at $ 5.15. The decline continued to the low of $ 1.04, marked on September 24, which passes just slightly below the 0.85% Fibonacci retracement level of $ 1.20. Since then, altcoin has been on the rise.

On October 7, the price returned to the $ 1.07 level, formed a double bottom and started the current upward movement.

SXP Chart by TradingView

Cryptocurrency trader @devchart tweeted an SXP chart showing a double bottom pattern. Since the publication of the tweet, the price has already confirmed this pattern and started to grow.

Altcoin SXP is ready to rise after the formation of a double bottom

Source: Twitter

When the uptrend starts

Technical indicators on the daily charts indicate a bullish picture. MACD is climbing, although it has not yet reached positive territory. RSI is giving signals of bullish divergence and the stochastic oscillator has formed a bullish crossover.

In addition, due to the many long wicks, it looks like the price has broken the downside resistance line..

All this speaks in favor of the readiness of altcoin for growth..

If so, immediate resistance is expected at $ 2.61, where the 0.382% Fibonacci retracement level against the bearish move and previous support level passes. The next resistance is at $ 3.58.

SXP Chart by TradingView

Wave analysis

The dynamics of the SXP since July shows that the price has completed an impulsive bullish correction in the W-X-Y shape (black on the chart). Sub-waves are shown in blue on the chart.

According to wave analysis, the aforementioned September 24 low, which served as the first bottom of the double bottom pattern, marked the end of the corrective move and the beginning of a new upward movement..

SXP Chart by TradingView

Also, a closer analysis shows that the price has completed the formation of waves 1-2, followed by waves 3-4-5, as a result of which quotes will go to the previously mentioned resistance of $ 2.61 and beyond..

If it falls below the October 7 minimum of $ 1.06, this wave analysis will lose its relevance.

SXP Chart by TradingView

So, the SXP has formed a double bottom, and may have already started to rise, during which the altcoin should reach the aforementioned resistance levels.

Altcoin SXP is ready to rise after the formation of a double bottom

Disclaimer: Trading cryptocurrencies carries a high level of risk and is not suitable for all investors. The opinions expressed in this forecast do not reflect the opinions of the editorial staff of BeInCrypto.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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Altcoin Swipe (SXP) has formed a bullish reversal pattern and signals readiness for growth in the short term.

Double bottom

The SXP has been declining since August 13, when the price peaked at $ 5.15. The decline continued to the low of $ 1.04, marked on September 24, which passes just slightly below the 0.85% Fibonacci retracement level of $ 1.20. Since then, altcoin has been on the rise.

On October 7, the price returned to the $ 1.07 level, formed a double bottom and started the current upward movement.

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