- A bottom seems to be in place for Swipe, as bulls takeover.
- Big bullish breakouts confirmed on the 1D chart.
- Swipe traders eye massive upswing, with A focus on $1.60.
SXP/USD extends its five-day winning streak into Saturday, mainly driven by a chart-based buying-wave.
However, the news that Automated Clearing House (ACH), a US financial network for e-payments, is now supported in Swipe Wallet also collaborates with the upbeat momentum.
SXP/USD: Daily chart
From a short-term technical perspective, a bottom seems to have formed in SXP/USD after the downslide from mid-August 2020.
The price charted a falling wedge breakout on Thursday, opening doors for a recovery rally towards the measured target of $1.60.
The bullish breakout on the On-Balance-Volume (OBV) index added credence to the upside break. The indicator is usually used to track the trading sentiment of large and institutional investors, as it provides a running total of an asset’s trading volume and indicates whether this volume is flowing in or out of a given security or currency pair, per Investopedia.
Meanwhile, the pattern resistance now support at $0.8232 will offer the first line of defense on any retracement. Traders could resort to dip-buying, with the next relevant support seen at the January 4 low of $0.7316.
All in all, Swipe’s path of least resistance appears to the upside.
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