- The trading volume of SXP tokens in the last 24hr at the time of writing this article is -7.77%
- The price of SXP/BTC and SXP/ETH at the time of writing this article is 0.00003946 BTC and 0.0006254 ETH, respectively
- The price is taking support on the 20MA and is unable to break the 100MA resistance
LONG TERM VIEW:-
In the daily chart time interval, we can see the price cannot break the 100MA resistance making it a supply zone and not going below the 20MA support and bouncing back up, making it a demand zone. Let’s look at the technical indicators to see if the price is able to break the resistance or the support.
First, we can see the MACD shows green histograms as the MACd line is above the signal line, and both the lines are parallel to each other and most probably won’t cross each other. In addition to that, we can see the RSI is in the neutral zone near 48 and is pointing sideways, which means the Bulls and bears are giving each other a good fight. Lastly, we can see the Moving average as the 20MA is below the 100MA and 50MA is heading towards the 100MA, and if crosses the trend can be bearish.
SHORT TERM VIEW:-
In the 4hr time interval, we can see the MACD shows green histograms as the MACD line is above the Signal line and no sign that the lines will cross each other. In addition to that, the RSI is in the neutral zone near 51, and the RSI line is pointing towards the Oversold zone of 30, meaning the bears are winning the fight against the bulls. As the moving average, the 20MA could not cross the 100MA and be rejected, which is a substantial bearish sign, and the 50MA is also heading towards the 100MA and will cross it soon.
CONCLUSION:-
Looking at both long term and short term, we can see the MACD in both showing green histograms, which is a bullish sign, but the 20MA has been rejected in the 4hr time interval, which is a huge bearish sign, and the price might go bearish from here as the bears have taken control of the price. So for now, the trend is bearish till support, then it will be decided by the bulls or bears.
RESISTANCE:- $2.48,$2.57
SUPPORT:- $2.31,$2.18