Maker (MKR) and Swipe (SXP) Technical Analysis: What to Expect?
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Maker (MKR) and Swipe (SXP) Technical Analysis: What to Expect?

May 17, 2021      Dalmas Ngetich

Maker is in a precarious position with MKR/USDT likely to dump below $4.2k. On the other hand, Swipe is in range within a $3 zone. A bullish breakout above $6 may see SXP/USDT float towards $10.

Swipe (SXP)

Swipe aims to connect the fiat and crypto world. Central to this platform is the SXP token.

Past Performance of SXP

Technically, SXP prices remain in tight trade ranges but under pressure following last week’s losses.

There is a bull bar in the daily chart with decent trading volumes, which rose 49 percent to $413 million on May 17.

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Still, SXP is down roughly three percent against the USD.

However, it has the upper hand versus BTC and ETH, adding three percent on the last trading day.

Day-Ahead and What to Expect

A lot depends on $3, which marks April 2021 lows.

From the daily chart, Swipe’s technical analysis reveals consolidation.

SXP/USDT prices are within a $3 range with caps at $6 on the upside and $3 as support. Overly, participation is high but within average.

SXP/USDT Technical Analysis

Swipe Price Daily Chart for May 17

The uptrend is valid if SXP bulls push prices above $6, the buy trigger with above-average trading volumes.

In that case, SXP/USDT could float to $10—the 2.618 Fibonacci extension level of the Q1 2021 trade range.

On the flip side, losses below $3 confirm last week’s losses and strengthen bears aiming at $2.

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Maker (MKR)

The lending protocol Maker is the largest DeFi platform in Ethereum. MKR is its governance token.

Past Performance of MKR

The MKR price continues to impress in the last few months.

At spot rates, the token is one of the top performers. There are hints of weakness in the daily chart.

MKR is down 14 percent week-to-date but posting marginal gains versus BTC and ETC on the last trading day.

On the upside, the presence of a bull bar and rising volumes suggest support in the immediate term.

Day-Ahead and What to Expect

MKR/USDT technical analysis suggests bulls in the daily chart. However, a lot depends on how MKR price action pans out in the next few days. MKR prices are notably trading below the 20-day moving average, a concern for bulls.

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MKR/USDT Technical Analysis

Maker Price Daily Chart for May 17

There are indications that MKR could print lower in a correction.

MKR/USDT prices are trending below the middle BB and above the main sell trigger at $4.6k.

Losses below $4.6k may see MKR prices dip to $3k.

On the other side, steady bulls above $4.6k will be enough to lift MKR to $7.4k in the medium term.

#DeFi #Maker #MKR #MKR/USDT #Swipe #SXP #SXP/USDT
Dalmas Ngetich
Dalmas Ngetich

Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.