We’ll take a look at the technical outlook for SXP, which has been buoyed by Binance’s announcement that it has purchased all of Swipe (SXP).
The fact that an institutional company like Binance bought all the shares of SXP basically shows that it has a very strong support. However, considering this data, acting with the fear of losing the opportunity may cause you to enter the position from the wrong place. For this reason, support and resistance points need to be determined well.
We see that the $1.94 level on horizontal supports is a very important level. Because it is seen that the price has received support or reaction from this level many times.
We see that the 1000% rise experienced by SXP in 2021 has completed its correction and is 70% below the peak despite today’s rise.
Looking at the fibonacci levels of the last rise, we see that although we encountered resistance in the $1.94 region, we managed to climb above the 0.786 level.
Two scenarios can be used for new entry at this point. When a 4-hour close is seen above 1.94, an entry with a closing stop below $1.94 can be made.
Or, by waiting for the test of the Fibonacci level, it can be entered at $1.70 and stopped at the 4-hour close below this level.
When we look at the price action, we see that the Fibonacci levels are working well, so these levels can be considered as resistance zones. In closings above $1.94, $2.58, $3.21 and $3.84 can be followed.
*Not Investment Advice.