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Swipe Price Forecast: SXP whales target $7 as they remain in accumulation mode

  • Swipe price is contained inside an ascending parallel channel on the 12-hour chart.
  • The digital asset is one key resistance level away from a massive 40% breakout to new all-time highs.
  • Most on-chain metrics are in favor of SXP bulls.

Swipe price has recently established a new all-time high at $5.02 compared to the previous high on August 13, 2020. The digital asset had a massive crash throughout the second half of 2020 and started a recovery run at the beginning of 2021. On April 5, SXP experienced $1.4 billion in trading volume, its highest ever, indicating that investors are more interested than ever in the asset.

Swipe price needs to crack this barrier to reach $7

On the 12-hour chart, Swipe has formed an ascending parallel channel that can be drawn connecting the higher highs with a trendline and the lower highs with another. The upper boundary resistance is located at $5.10.

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SXP/USD 12-hour chart

A breakout above $5.10 has an initial price target of $6 with a long-term target of $7, calculated by measuring the distance between the lower trendline and the upper trendline of the parallel channel.  

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SXP Holders Distribution chart

To add credence to this bullish outlook, we can see that the number of whales has significantly increased during the past two months. Since April 4 alone, the number of large holders with 100,000 to 1,000,000 has increased by 11.  

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SXP MVRV (7d) chart

Additionally, the Market Value to Realized Value ratio (MVRV), which shows the average profit or loss of SXP tokens that moved in the last 7 days, is far away from the danger zone at 20%.  

The bearish outlook suggests that a rejection from the upper resistance trendline of the parallel channel at $5 will drive Swipe price down the middle trendline at $4.25. A breakdown below this point should push SXP towards $3.4.  

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