The $SXP /USDT chart shows a strong upward movement, with the price rising from $0.1938 to a peak of $0.3650 within the 4-hour timeframe, resulting in a 27.54% gain. This indicates that significant buying pressure has pushed the price higher, possibly fueled by market sentiment or news. After reaching the high, the price has retraced slightly to $0.2904, suggesting some profit-taking, but the trend remains largely positive.
The key resistance level is at $0.3650, the recent high. If SXP/USDT manages to break above this level with strong volume, the bullish momentum could continue, potentially leading to further price increases. On the downside, the nearest support level is around $0.2480, where the price could stabilize if it continues to pull back.
Traders looking to enter a long position might consider waiting for a breakout above $0.3650 or entering on a pullback to the $0.2480 support level. In either case, placing stop-losses below key support levels is crucial to protect against potential downside risk, particularly in such a volatile market environment.
$SXP $ETH #BTCâ #NeiroOnBinance #USRetailSalesRise #BinanceLaunchpoolHMSTR
