Swipe (SXP) has been surging in 24-hour intraday trading today. After dipping in December to lows of $1.37, the coin has rebounded sharply. At the time of writing, Swipe (SXP) was trading at around $2.06. This is nearly 52% up from its lows. Swipe (SXP) is also looking poised for a sustained bullish uptrend. Here are some highlights so far:
The recent surge was triggered by news that Binance was going to acquire the remaining outstanding shares in the project.
Despite this, Swipe (SXP) was already rallying after consolidating around the $1.37.
The token is now well above its 20- and 50-day exponential moving averages, suggesting a bullish outlook.
Data Source: Tradingview.com
Swipe (SXP) – price action and analysis
Swipe (SXP) reported immense interest from investors after the Binance news. Although the price action showed a 30% increase in 24 hours, we also saw a huge uptick in trade volume. In fact, the 24-hour trading volume was up by nearly 1231% at the time of writing. This is an indication of increased buying as investors look to cash in on this bullish run.
Besides, SXP has now surged past its 20- and 50-day exponential moving averages. It is still however below the 100 and 200 EMAs which could pose some downside risk. But buoyed by the Binance news, STX will rally, and the key will be to cross over its mid-November resistance of $2.9.
Why you should buy Swipe (SXP)
Swipe (SXP) has always been a decent investment because it is backed by very good underlying fundamentals.
The entrance of Binance, a large ticket investor and perhaps one of the most credible names in crypto means that SXP is poised for better fortunes in the long run. This is the best time to buy into the project and hold the token.