03 October 2022 : In this article we will walk you through SXP price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for SXP, Is SXP a good investment? SXP support & resistance levels etc. But before diving deep into the SXP technical analysis, let us talk about the current market conditions.
Over the last twenty-four hours, there was a down fall of -1.34 percent, bringing the entire cryptocurrency market to $938,674,107,757. The total trading volume stands at $53,771,713,429. Bitcoin shares 39.72 percent of the entrie market while Ethereum has a dominance of 16.12%.
which resulted in Bitcoin's price rising to $19,449.78 level after an upward movement of 1.29%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 1.85 percent reaching to $1,321.44 during the previous 24 hours.
While publishing this blog, BNB traded at $287.58, following a price change of 1.59% within the same time frame. XRP the native coin of XRP is down by -1.56 and currently trading at $0.45. Additionally, Cardano reached $0.43 after seeing a uplift of 0.31% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.
Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of SXP (SXP)
|SXP Resistance Levels||SXP Support Levels|
|Resistance Level 1||$0.37||Support Level 1||$0.33|
|Resistance Level 2||$0.38||Support Level 2||$0.32|
|Resistance Level 3||$0.40||Support Level 3||$0.30|
SXP has recorded a upsurge, gaining 1.42% in last 24 hours. The current value of SXP is hovering at $0.35 with the trading volume of $13,229,148.00 USD in the same timeframe. The overall marketcap for SXP is $175,185,375.00 USD while the coin price changes 2.42% over the week.
SXP price analysis for 03 October 2022 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the SXP.
|Simple Moving Average (10)||0.35||Buy|
|Exponential Moving Average (10)||0.35||Buy|
|Simple Moving Average (20)||0.35||Buy|
|Exponential Moving Average (20)||0.35||Buy|
|Simple Moving Average (50)||0.38||Sell|
|Exponential Moving Average (50)||0.38||Sell|
The Relative strength index (RSI) for SXP Coin is currently hovering at 62 for 14-days average line, which means SXP is moving towards overbought zone. In accordance with the conventional pivot, the crucial immediate resistance for SXP may be found at $0.37, followed by $0.38. In the meantime, the cryptocurrency's support levels were located at $0.33 and then $0.32. The SXP/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term buy signal as the MACD line is moving above Signal Line Which means bulls are dominating in the market. While SXP’s Williams %R indicator is at -93.579 for the 14-day time period indicating a oversold condition and short term trend reversal is possible. Bulls can move the market in upward direction.
SXP market shows a bullish signs, and bulls can push SXP higher in the coming sessions. SXP has a resistance at $0.37, beyond which the coin would move toward next crucial resistance at $0.38.