SXP - 6h. What do buyers need for a test of $9?

29 Apr 2021

The SXP market has been behaving quite technically lately. Our global idea, which we published on April 8th, works great:

As we can see from our last idea, sellers managed to test the critical level of $2.65. At this mark, we see that the SXPUSD price has reversed. Even large volumes did not help sellers to make the correction in the SXPUSDT market deeper. Thus, buyers have proven their interest in continuing the upward trend.

If we analyze the daily timeframe, we can see that the prospects for continued growth remain large:

But to realize this prospect, buyers need to pass the difficult liquidity zone of $4.9-5.2. As you can see in the chart, buyers are trying to take control of this range for the third time. The fight for this price zone has been going on since August 11, 2020. This range is a historical high, which buyers cannot confidently update.

Taking this fact into account, we do not exclude another local fall wave. This correction should not fall below $2.65. The end of this correction within the current consolidation will be a good signal to buy this coin.

However, if buyers do not allow the current wave of growth to stop, we should expect a breakout of the $4.9-5.2 range and its local test. It is in these two cases that we are ready to buy this coin. And now it remains only to wait, which of the scenarios will come true.
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We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
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