SXP Analysis: Can SXP Start a Rising Trend Again?

• SXP experienced a rise of more than 10% today.
• Can SXP restart its upward trend?
• If SXP breaks the resistance level of $0.5166, how far will the rise continue?

Will SXP continue its upward movement? Which areas should SXP investors follow? Current SXP analysis!

Medium-Term SXP Price Analysis!

12 Hour SXP Price Chart Source: TradingView

When we examine the SXP price chart in a 12-hour time frame, we see that it has made a reversal movement from the important support range of $0.3935 – $0.41 and has experienced a rise of more than 10% today.

SXP price may want to start the upward movement from this range as long as it continues to have daily candlestick closures above the level of $0.3935 mentioned in the analysis.

In order for us to say that the SXP price has fully started the upward trend, we need to see daily candlestick closures above the level of $0.5166.

If the SXP price makes daily candlestick closures above the level of $0.5166, it can realize the upward movement to the levels of $0.60 – $0.69 mentioned in the analysis.

What Could Be the Suitable Entry Levels for SXP?

2 Hour SXP Price Chart Source: TradingView

If the SXP price reaches the suitable entry range mentioned in the analysis, spot purchases can be made.

The range of $0.43 – $0.419 mentioned in the analysis is an important Fibonacci level range in the 2-hour price chart of SXP coin. In technical analysis terminology, these Fibonacci ranges are referred to as the OTE zone.

If the SXP price makes 2-hour candlestick closures above the level of $0.4759 mentioned in the analysis, the analysis will be invalid.

If the SXP price makes a reversal from the range mentioned in the analysis, the upward target will be the level of $0.50. If the SXP price falls below the mentioned range in the analysis and continues the downward movement, the stop zone to be followed will be the level of $0.4055.