As, after a dull week, the crypto market is gaining a bit, Swipe (SXP) is also in the process to reclaim a support level that has been in place since the dawn of the year.
A little more patience required… pic.twitter.com/PWzPHBuYVp
— Posty (@PostyXBT) April 27, 2021
He has identified a resistance level that, if reclaimed, could send Swipe (SXP) bullish. According to @postyXBT, the resistance level is found at $4.05. It is notable that though the coin has previously validated the $4.05 level, it did not capitalize on it. Rather, it fell back.
Another intriguing development that has occurred on the Swipe’s price chart is that an ascending support line that has been formed during late Jan on 22nd have been validated by the Swipe (SXP) four times since Jan 22nd but last week on the 22nd April Swipe (SXP) dipped below it.
Despite all of it, Swipe (SXP) is currently in the process to reclaim these support levels for one more time and if it supersedes it the price level could prove a lucrative threshold for the coin.
Though not confirmed a reversal yet, other technical indicators are also apparently turning bullish. Considering all of this it is conclusive that the coin is at a crucial point as far as its future direction and momentum are concerned.
Moreover, it is also of some significance that after a week of decline bitcoin has again started to regain, and as we have seen previously on multiple occasions Bitcoin does have a significant effect on the whole market.
Lastly, many economic experts are foreseeing a crypto crash citing the potential harm that could be inflicted by the regulations, set to be imposed, on the market by the SEC under the leadership of Gary Gensler.