- The number of SXP coins inside exchanges has significantly decreased in the past month.
- Large investors are buying SXP even though the digital asset had a massive 100% rally in the last two weeks.
- Swipe price faces only one critical resistance level on the way up.
Swipe price had a significant 112% rally in the last two months reaching a new all-time high at $5.5. The digital asset’s bullish momentum remains strong as large investors continue to accumulate even more coins.
Swipe price is one barrier away from new all-time highs
Although Swipe had a massive rally in the previous two weeks, the digital asset only faces one crucial resistance level ahead. The In/Out of the Money Around Price (IOMAP) chart shows that the area between $4.81 and $4.87 is the most significant with 11.3 million SXP in volume.
SXP IOMAP chart
Interestingly enough, the number of SXP coins inside exchanges has decreased notably since March 21, from 25.8% of the circulating supply to only 23.3% currently. This indicates that investors are not interested in selling and are holding Swipe.
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SXP Supply on Exchanges
Additionally, the number of whales holding between 100,000 and 1,000,000 coins has spiked since the beginning of April by 15, adding credence to our theory above.
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SXP Holders Distribution chart
If SXP bulls can push the digital asset above the key resistance area between $4.81 and $4.87, Swipe price can quickly jump toward the all-time high at $5.5. A breakout above this point should drive the digital asset at the 123.6% Fibonacci level ($6.38).
SXP/USD 12-hour chart
However, the IOMAP model also indicates that a breakdown below the most significant support level at $4.62 can push SXP down to the next level at $4.09, which coincides with the 61.8% Fibonacci retracement level
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