Issued on: 24th May’23
Valid upto: 28th May’23
Token: SXP
Category: Payments
Market Cap: $230,228,271
Circulating Supply: 565,431,868
Total Supply: 565,431,868
Price Update: SXP is the native utility token of the Solar blockchain. Where uers stake SXP to secure the network and earn rewards, and pay transaction fees on the Solar blockchain. Solar (SXP) price at the time of writing (24th May, 16:00) is $0.406 with 24-hour trading volume of $13,968,556. SXP price is down by 4.97% in the last 24 hours according to coinmarketcap.com.
Source: Tradingview
Analysing the above chart:
- SXP moved more than 200% in the early April’23, and since then, it is following a correction trajectory.
- Currently, prices are trending below 200 EMA (Blue Line) and trending downwards.
- In the 4 hour chart, the local support which was forming at $0.417 also got breached downwards.
- Looking at the general markets, and increase in trading volume of SXP by 28%, the prices are following towards next support zone i.e. $0.37.
- A Short Trading strategy can be assessed between $0.406-$0.424 with invalidation above $0.441.
- On the downside, one can see a rise of 8-9% towards $0.371 .
- It would seem that one should maintain a balanced risk to reward ratio and check use of leverage and position size to ride out current market conditions.
An illustration of Leverage in Futures Market:
Note: SXP is now available in the futures market in both Go and Pro apps with up to 15x leverage.
Trade SXP in Futures Market at CoinDCX
Trade SXP in Futures Market at CoinDCX Pro
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The Content is for informational and educational purposes only. The Content is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or securities or virtual digital assets or to participate in any investment or trading strategy.The Content or any part of it is not legal, financial, investment or tax advice. The calculations, data, risk return formulations, performance or market capitalization indicators are based on the independent data sourced by CoinDCX or third parties. Past performance is not indicative of any future results.
