Swipe’s Double Hollow (SXP) Could Cause Further Rise

The SXP price completed a double dip near $ 1.05.

It could have started a bullish impulse.

There is resistance at $ 2.61

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Swipe (SXP) has created a bullish reversal pattern and is showing signs that it may move up soon.

The price of the SXP has been declining since August 13, when it peaked at $ 5.15. The decline continued to a low of $ 1.04 on September 24. The latter was right on the 0.85 fibonacci level of the retracement, or $ 1.20. Since then, the price has returned to this level and is on the rise.

On October 7, the price fell back to $ 1.07, creating a double dip pattern, before starting the current upward movement.

Cryptocurrency trader @devchart shared an SXP chart showing the double dip pattern. Since his tweet, the price has confirmed this pattern and has started to rise.

Daily data technical indicators are bullish. The Bitcoin Superstar is on the rise, although it has yet to reach positive territory. The RSI generated bullish divergences and the Stochastic Oscillator formed a bullish cross.

Additionally, while the slope is unclear due to many long wicks, it looks like price has breached a descending resistance line.

All of these signs indicate that the SXP should go up

In this case, the next closest resistance zone should be at $ 2.61, which is the 0.382 fibonacci level of the entire decline, as well as an old support zone. The next area of ​​resistance is found at $ 3.58.

Looking at the movement of the SXP since July shows a full bullish impulse, followed by a correction in WXY (in black below). The sub-wave count is shown in blue.

If the count is correct, the aforementioned low of September 24, which corresponds to the 1st part of the double-dip pattern, thus marked the end of the corrective movement, and the start of a new upward movement.

Further observation reveals a possibly finalized 1-2 wave formation. Waves 3-4-5 are expected to follow which may take price to the aforementioned resistance at $ 2.61 and beyond.

A decline below the low to $ 1.06 on October 7 would reject this account of waves.

“Ethereum 2.0 will not allow mass adoption”: Radix determined to win the DeFi battle

Creating a platform that can democratize access to decentralized finance is not easy. Between scalability issues, securing decentralized applications, faulty interoperability and attraction of a fickle developer community. The issues are multiple and often conflicting.

The Bitcoin Loophole has decided to take the situation in hand, and proposes the induction of an entire ecosystem, promising to solve one by one the difficulties inherent in DeFi.

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DeFi and its issues

While most projects related to decentralized finance have lived a real nightmare at the beginning of the month. The tumultuous past of the cryptocurrency market proves just how resilient the industry is. It only takes a spark to revive an entire ecosystem. Will Radix be the instigator?

While version 2.0 of Ethereum is still pending, the speculative madness that accompanied the DeFi movement has highlighted the limits of Vitalik Buterin’s protocol . After hitting transaction fee peaks of around $ 100, Ethereum is clearly not ready to accommodate a substantial windfall of users.

According to the Radix team , the “sharding” solution that will be introduced through Ethereum 2.0 is insufficient to meet the needs of DeFi.

“This solution does not allow mass adoption. It quite simply destroys the composability of applications, a crucial issue in decentralized finance ”

In order to democratize access to DeFi, the Radix team raises several priority areas of work:

Optimal security. Decentralized finance must allow its users an optimal guarantee as to the security of their liquidity. They cannot be subjected to the lack of vigilance of the developers.

Fast and inexpensive transactions. Transaction fees exceeding 30 euros must be a thing of the past. An effective solution must be implemented to avoid network congestion, and make mass adoption possible.
Optimal scalability and composability. DeFi applications must be able to work together. “Sharding” technology should therefore be avoided, on pain of compromising composability.

Better incentive systems for developers. DeFi cannot be limited to large projects. Independent developers must be able to find their place there. The incentive system needs to be redesigned in order to attract new development actors.

A solution called Radix

After 7 years of research , the Radix team offers a combination of technologies aimed at solving the problems mentioned above.

The heart of the project is based on the “Consensus Layer” called “Cerberus” . The concept of “linear scalability” is the key word behind this innovation. It makes it possible to scale a public registry across several thousand nodes, which can accommodate an infinite number of users. Whereas the “sharding” solution which will emerge within Ethereum 2.0 implies for the Radix team: “a lack of connivance between the different shards “ . The integration of a “cross-shard Atomic composability” technology will allow dApps frictionless interoperability.