Swipe (SPX): Gearing Up For Another Rally?

October 5, 2020   Swipe

In our previous Swipe (SPX) price prediction article, we were able to correctly forecast the breakout from the ascending channel and the establishment of a new all-time high by the altcoin that represents the Swipe Network, a crypto payment outlet that also offers Visa cards, which has recently become a part of the Binance infrastructure.

3-month SPX chart

Swipe appears to have bottomed out


Despite the expectations, the price didn’t encounter any resistance at $3.5 and went straight towards $5, a psychological price level that now serves as the historical high of SPX from which the price has already rolled back by 67% on the backdrop of the small crisis that hit the cryptocurrency market in the first days of September. But even such a considerable drop didn’t cause Swipe to go negative in terms of long-term gains against USD and BTC, as its yearly ROI stands at 44,5% and 8.2%, respectively. The all-time ROI is at 728%, a far better result than that of the neighboring altcoins.

At the moment, Swipe occupies the 85th position in global rankings, possessing a market capitalization of $124 million that took a sharp dive from $309 million, recorded in the middle of August. When it comes to the average trading volume, we noticed a significant drop in the past three weeks (from $160 million to $42 million), which coincided with the deepening of the correction. However, starting from September 27, we registered a substantial increase of volume from $47 million on September 26 to $198 million on the 27th and $415 million on the 28th. It could be a sign of the commencing reversal to the upside as SPX appears to have found the bottom of the correction near $1.1, evident from the daily chart.

1-day SPX/USDT chart

We have applied the Fibonacci retracement grid on the same time frame to figure out where the levels of support/resistance may lie during the anticipated rally. Our expectations regarding the rally are supported by the showings of key indicators:

  • MACD has made a confirmed bullish crossover near the oversold extreme at -0.2, which usually results in a substantial push to the upside that could go at least to $2.5, the 0.382 Fibonacci level, given the upside potential that SPX holds after a prolonged bearish period;
  • The Accumulation/Distribution indicator started to push off the bottom at - 12M, which means that the active distribution (selling) of Swipe tokens has run its course and the equally active accumulation should set in, which usually entails a nice price bump.

The Fibo grid also reveals that SPX tends to frequently interact with the round-number price levels, such as $5, $3, and $2, which is likely to become the first resistance area on the road to recovery and presumably a new ATH. Again, given how low MACD is in the oversold area, and how bullishly is looks at the moment, we expect the price to easily penetrate through the 0.236 ($2) Fibo level in the next two weeks and reach the point of resistance at 0.382 on Fibo or $2.5 price-wise. However, there is also a possibility that SPX will recover in one big upswing to, or even above, 0.5 on Fibo or $3.

Author: Alex Paulson for Crypto-Rating.com
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