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ThecoinrepublicCryptoSolar Price Prediction: Will SXP Reach Its...
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Solar Price Prediction: Will SXP Reach Its Previous Glory?

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  • Solar is currently trading at $0.6755 (press time) with an increase of 11.80% intraday.
  • The 24-hour low for SXP was $0.5957 and the 24-hour high was $0.736.
  • The current Solar price is above the 20-, 50-, 100-, and 200-Day EMAs.

The SXP/BTC pair was trading at 0.00006935 BTC with a rise of 1.05% intraday.

Buyers were trying to carry the SXP token upwards but the 200-Day EMA was acting as a major resistance. After making its 52-week high near its 200-Day EMA, SXP token fell and the 20-Day EMA became the new major resistance for the token.

There might be an increase in the short positions in the market. SXP token fell below its secondary resistance of $0.522. However, the buyers tried to keep the token above its primary resistance of $0.333. There was a decline of 57.51% in SXP price over the trading year 2022.

Solar price pattern suggests that it is currently in an uptrend after breaking its secondary resistance with the support of high trading volume. With the support of active buyers in the market, SXP price entered its supply zone as can be seen over the daily time frame chart. If the buyers continue to support the token, then SXP token might reach its previous glory.

The trading volume of the coin increased by 23.60% in the last 24 hours, indicating increasing bullish intent.

Technical Indicators:

The Relative Strength Index (RSI) entered the extremely overbought zone and made a positive crossover over the 1-day time frame chart, wherein the buyers are in the majority and pushing SXP upwards. This shows the strength of the current bullish trend. The current value of RSI is 79.86, which is above the average RSI value of 58.60. 

However, the MACD and the signal line are increasing, producing a positive crossover over the 1-day chart, in line with the indication from the RSI.

Conclusion

Solar price pattern suggests that it is currently in an uptrend after breaking its secondary resistance with the support of high trading volume. 

The RSI and MACD both are increasing and both have shown a positive crossover over the 1-day chart indicating strong bullish intent in the market. This can be a good opportunity for the long traders to enter the market.

Technical Levels

Resistance level- $0.333 and $0.522

Support level- $0.250 and $0.2266

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Ahtesham Anis
Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.
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