Swipe (SXP) faces strong resistance to approach to $1.40. The sell-off is the pay of the least resistance for SXP. Swipe (SXP) is one of the worst-performing tokens out of top-100. The coin has lost nearly 15% of its value in the last 24 hours to trade at $1.28. The coin peaked at $5 on August 13 and has been moving down steadily ever since, losing over 70%. SXP is ranked 99 on Coinmarketcap with the current market capitalization of $97 million and an averaged daily trading volume of 86 million. The token is most actively traded on Binance. SXP/USD: The technical picture SXP/USD has been sliding down with no particular fundamental reasons, influenced mostly by technical and speculative factors. The price bumped into a brick wall created by a combination of the downside trendline from August 13 high, middle line 12-hour Bollinger Band, and SMA1100 on approach to $1.60. This barrier may be a hard nut to crack for the bulls and may limit the recovery attempts. SXP/USD 12-hour chart Meanwhile, on the downside, SXP moved below the lower line of the 12-hour Bollinger Band, meaning that the bearish momentum may be gaining traction. The local support comes at $1.25 while a daily close below this area will increase the selling pressure and bring $1.00 into focus, as previously reported by FXStreet. SXP/USD, IOMAP model Source: Intotheblock On-chain metrics support the bearish story at this stage. Thus, IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model puts a large emphasis on the $1.46 area that may prevent the token from a sustainable recovery. The transaction history shows that five whale addresses holding nearly 60 million tokens have their breakeven point on the approach to $1.46. This area has the potential to absorb the buying pressure, preventing SXP from going higher. That said, if this resistance level breaks, then the bulls will definitely regain control over the situation as the price won’t meet much of the resistance until over $2.00. If the $1.46 resistance were to break, SXP holders should expect their investments to surge by at least 35%. On the other hand, the IOMAP cohorts model shows that SXP will not face any substantial barriers on the move to the North, making in the path of the least resistance. If the worst-case scenario plays out, the sell-off may be easily extended to the above-mentioned $1.25 and $1.0 before the buyers pop in again. SXP: Holders’ distribution model On the bright side of things, the number of SXP whales doubled in less than two weeks. Thus the number of wallets holding over 1 million coins increased from 5 to 10, meaning that large investors were inclined to buy on the dip. The whales’ activity is often regarded as a leading indicator for the broader market. If this is the case, we can expect that SXP/USD bullish momentum will gain traction. To conclude: SXP is poised for the further decline with the local target at $1.25, followed by $1.00. The sell-off may quickly gain traction as there are no supply barriers on the way down. On the other hand, the recovery will bump into a formidable resistance in the area of $1.40-1.60 created by a combination of on-chain and technical factors. A sustainable move above this area will invalidate the immediate bearish forecast. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next USD/TRY leaps to a new all-time high beyond 7.61″¦ again FX Street 2 years Swipe (SXP) faces strong resistance to approach to $1.40. The sell-off is the pay of the least resistance for SXP. Swipe (SXP) is one of the worst-performing tokens out of top-100. The coin has lost nearly 15% of its value in the last 24 hours to trade at $1.28. The coin peaked at $5 on August 13 and has been moving down steadily ever since, losing over 70%. SXP is ranked 99 on Coinmarketcap with the current market capitalization of $97 million and an averaged daily trading volume of 86 million. The token is most actively traded on Binance. SXP/USD:… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.