REPOST | SXP/USDT BUY | S6W1 | Team Trading Contest Post for Crypto-Empires
This is the repost of my previous task.
Hello everyone!
In this Post, I have analyzed SXP token and I will be doing Spot Trading and will share all information about this token.
Name of the token and the exchange in which I am trading.
I will be doing Spot Trading. I have analysed SXPUSDT (Swipe) token and I will open positions on this crypto asset and I have decided to trade on Binance Exchange.
SXP token is mainly used for maintaining the Swipe Network. Let me tell you about Swipe Network. It is a network which is used for payments for services. SXP token can also be used as transaction fees in these payments on Swipe Network.
I have selected Binance Exchange because I am very familiar with this exchange and It is very easy to use.
Binance Exchange provide various features like it has very low trading fees and It is very easy to use even Beginners will feel comfortable with this exchange.
Binance Future Trading allows users to take leverage upto 125x on some cryptocurrencies which is more than any other major exchange.
Why am I optimistic about this token today, and how long do I think it can rise?
With the help of Swipe Network, Users all over the world are able to do payment, get virtual and physical cards to manage their business.
Swipe Network is mainly a card payment platform where users are able to do payment using virtual and physical cards and It is giving power to decentralization which is good. There is very less fees while doing payment using cards which is a plus point of this network.
I am optimistic about this token as It has many benefits. It helps users to pay via cards for their businesses through their Swiper Network which has low fees and is fully decentralized. It helps in connecting the world who use fiat and cryptocurrencies.
Now, Let's talk about it's Statistics-
From the above image, SXP has a total of $222.4 Million market cap. It has a Circulating supply of 194.5 Million.
In recent month, It has touched an All time high of $5.85 and It is currently ranked #179 on Coinmarketcap. I think It can easily go to $6 in few months. It is available in almost all exchanges in many pairs.
How to analyze the token?
I have analysed this SXP Token with the help of various indicators and technical strategies. Firstly, I have selected Heikin Ashi Candles as these Candles are very easy to read and It removes all noise from the chart.
First of all, I have marked strong Support Level and Resistance Level on the chart of SXPUSDT. I have marked a Support Level from which price was rebounding and a resistance level from which price has taken some reversals.
Let me tell you about RSI Indicator and ROC Indicator.
RSI Indicator helps traders in identifying entry points. It shows oversold region below 30 level and It shows overbought region above 70 level.
We can consider bullish behaviour of market if RSI moving from oversold region to overbought region and Similarly, We can consider bearish behaviour if RSI moving from overbought region to oversold region.
When ROC Indicator moves in upward direction from 0 level, then we can consider uptrend and When ROC Indicator moves downward, then we can consider downtrend.
I looked at the price and It was at the support level which means the price can take a bullish reversal from that support level. So, I can predict it can be our entry point. For confirming it, I have applied RSI Indicator on the chart.
When I checked RSI Indicator, It was in oversold region which means the price can take a bullish move. Hence, RSI Indicator confirms my entry point.
After that, I applied Rate of Change (ROC) Indicator on the chart. When I looked at ROC Indicator, It was below the "0" line (negative zone) and It also confirms my buy signal as you can see in the below image.
Hence, I placed a buy order on Binance Exchange. I bought 44.3 SXP token at a price of $1.127. Here are my trade details.
My Plan to hold it for a long time or When to Sell?
I genuinely think SXP token is a very good for long term investment as It is a payment service project which connects fiat and cryptocurrencies and It is very useful.
It is decentralized platform and users will be able to do payments using cards with low fees on Swipe Ecosystem which is really helpful for users all over the world.
I have taken entry at current price and this token is currently in dip. I think It is the best time to buy this token as It can give huge returns in future.
Yes, I am going to hold this token for long tern as it has potential to grow. I will book my profits from it whenever it will go up, and I will hold my initial capital and I will also buy this token in future if I see any opportunity.
Recommendation for everyone to buy this token
Well, I have told you many features about Swipe Network in above topics. I can predict that It can give a good return of your capital in future and It is very good for long term investment.
As It help users in doing payment via physical and virtual cards and it is a decentralized platform.
I will Suggest everyone to hold SXP tokens in their Portfolio as this token is in dip now and It's is the right time to buy this token.
Other Information about the Token
I want to tell about it's latest news that Swiper Network is going to release it's new whitepaper on 23rd February 2022 means tomorrow. So, We will be able to see it's new whitepaper and it's changes and roadmap.
We can also connect to it's social media platforms to get it's latest news and information about this token.
Above image is the Twitter account of SXP token where We can check it's latest tweets and replies and can get the latest news about this token.
You can also check it's current Whitepaper.
Cc:-
@reddileep
@abdu.navi03