SXP Price Analysis: Will SXP again Showcase its Potential?


  • SXP price flashes signs of bearishness on 7-days price chart.
  • SXP’s EMA(10) shows a downward trend.
  • SXP(SXP) records downward movement today.
  • Support for the bears has been established at $0.30

25 April 2024 : 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.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $2,381,040,012,006. The total trading volume stands at $84,822,637,566. Bitcoin shares 53.32 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $64,477.66 level after a decline of -3.45%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price decrease of -2.19 percent reaching to $3,166.65 during the previous 24 hours.
While publishing this blog, BNB traded at $606.59, following a price change of 0.02% within the same time frame. SOL the native coin of Solana is down by -5.65 and currently trading at $148.52. Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% 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.

SXP Support and Resistance

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 $0.33 Support Level 1 $0.30
Resistance Level 2 $0.35 Support Level 2 $0.27
Resistance Level 3 $0.37 Support Level 3 $0.26

SXP Performance

The price of SXP (SXP) is at $0.31, down -0.83% in the past 24-hours and has a price change of -3.33% over the week. One day trading volume for BTC is 11,133,239.00 USD while total marketcap reached $157,008,899.00 USD. There are almost 501,264,959 are in circulation out of 525116693.

SXP Price Analysis

SXP price analysis for 25 April 2024 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.

Moving Averages Price Indicator
Simple Moving Average (10) 0.32 Sell
Exponential Moving Average (10) 0.32 Sell
Simple Moving Average (20) 0.34 Sell
Exponential Moving Average (20) 0.34 Sell
Simple Moving Average (50) 0.35 Sell
Exponential Moving Average (50) 0.35 Sell

The SXP/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term sell signal as the MACD line is moving below Signal Line Which means bears are dominating in the market. While SXP’s Williams %R indicator is at -55.682 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. RSI implying oversold phase while trading at 22 and is trying to break out of the bearish zone while highlighting massive bearish strength. The immediate resistance for SXP is found at $0.33, and a breakout from this level could leads towards the next resistance, which can be found at $0.35. On the other hand, if the bear take control and SXP price fails to break out above $0.33, it could fall back towards the crucial support at $0.30.

Conclusions

The value of SXP is continuously dumping but it is expected that support levels at $0.30 and $0.27 will act as crucial points and bounce the trend line in the bullish zone