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Swipe (SXP) : Ready for a major move for BINANCE:SXPBTC by Worth_The_Ri5k

Swipe Token ( SXP ) is a utility based cryptocurrency designed to be the gas and fuel of the Swipe Network. Swipe was founded in 2018 by Joselito Lizarondo with the mission to bring cryptocurrency interoperability with traditional finance and was later acquired by Binance in June 2020.

Binance is the worlds largest cryptocurrency exchange. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.

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What does swipe do?

-Users may use SXP towards transaction fees on the Swipe ecosystem of products such as

the Swipe Wallet and Swipe Card. SXP can also be used for discounts on fees.

-SXP token holders have the ability to create proposals and vote for protocol changes on

the Swipe Network. SXP can be bonded within the network to secure the protocol and

receive staking rewards.

-Swipe users can utilize SXP to pay at over 60 million merchants worldwide and transfer

within the Ethereum & Binance blockchains

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Why can SWIPE increase in value?

1. Demand is increasing:

If you DYOR (DO YOUR OWN RESEARCH) you can see here the GITHUB for SXP (Swipe); the GitHub is basically where you can find the coding updates to the swipe protocol.

https://github.com/SwipeWallet/swipe-swa…

As you can see, they are currently working on Swipe Swap, which is going to be a Cryptocurrency exchange powered off SXP Swipe token. Once this Exchange is live and more and more users flock to use it, considering that Swipe is owned by Binance the worlds largest cryptocurrency exchange this can lead to more usage of the token, and when the usage and demand of a token increases substantially it can often lead to higher prices.

Twitter Post by Swipe:
https://twitter.com/SwipeWallet/status/1…

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2. The chart is showing us the sellers are becoming weaker:

Head & Shoulders Pattern:

In the Head & Shoulders Pattern price forms 3 distinct peaks after a strong uptrend, the left and right peak should have a similar height (shoulders), the middle peak (head) has to be the highest or this can not be a HS pattern . They should seem triangular in appearance but as long as it fits the main characteristics can still be a valid pattern.

You can click the above image for a further explanation of this pattern.

General Pattern Failure:

General Pattern Failure occurs when a chart pattern breaks out, fails to hit target, quickly reverses then rejects off that same breakout level back inside the pattern continuing in the opposite direction of the breakout. General pattern failure can also be considered a Liquidity Grab or can be referred to as a “Fake Out” also when it happens more rapidly after the original pattern breakout.

Pictured in the above image, you can clearly see how the price after heading downwards from the Head & Shoulders Pattern, came back inside of the pattern, “failing” it and then proceeding to head upwards from there.

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3. Similarity to BNB Token (Binance Coin):

So the SXP token is coming back inside this Head & Shoulders Pattern support area , we have the potential for the initial downwards breakout to get rejected and fail as more and more buyers flock to SXP . But this is not the first time we have seen something like this happen.

You can click the above image to see the same exact trading setup, a Head & Shoulders into General Pattern Failure, on BNB which is the Binance Exchanges main token. Click on the above image then press play.

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Learning to trade patterns such as these can provide great opportunities if you understand price action and how to identify the key areas inside the patterns that other traders and investors may be focusing on too, these areas become important psychological levels on the chart & price tends to have strong reactions from these areas.

If you enjoyed the insights you can show your support by commenting & liking – below i have linked 3 other ideas explaining the Head & Shoulders & Inversed version of the pattern for further education.



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