Is Swipe (SXP) a good buy in October 2021?

Swipe SXP/USD has weakened from the recent highs above $4, registered on 6th September, below $2, and the current price stands around $2.15.

Swipe makes issuing crypto powered debits cards simple

Swipe is a platform that enables businesses to create, manage, and distribute branded virtual and physical cards for users. Swipe is connected with banks and manages all the necessary regulatory requirements.

Users are able to tokenize their cards for a touchless experience with Swipe-powered debit cards that enable access to Samsung Pay, Google Pay, and Apple Pay. Swipe makes issuing crypto-powered debits cards simple and allows businesses to customize what they want their users to have access to on-demand.

Potential clients only have to contact banking partners to get all the access they need to launch their program from beta to live. Agility, customer satisfaction, and transparency are the main characteristics of this platform, and it is important to mention that Swipe launched a rewards application in June 2021, which is available for Swipe Issuing clients to offer their users cash back at thousands of participating merchants.

Swipe Rewards application enables business clients to offer their users a comprehensive suite of cashback ranging from 1% to 30%, while Joselito Lizarondo, Swipe CEO, said that this option is currently available in the United States. Lizarondo added:

“The Swipe Rewards API will create a dynamic cashback tool that enables our business clients to lower their marketing costs at the expense of these participating retailers. With this tool, cardholders can earn up to 30% cashback giving programs a good retention tool for their portfolio where both the cardholder and the issuing partner will be happy.”

SXP is a token that powers the Swipe, and it runs on the Ethereum network. Swipe is a very promising project, and the price of SXP could advance again at levels that we saw in the first week of May 2021. This will certainly not happen in the upcoming days or even weeks; still, traders should keep in mind that if the price of Bitcoin falls below the $40000 support, that will negatively influence Swipe (SPX).

Bears remain in control of the price action

Data source: tradingview.com

Swipe (SXP) has collapsed from its recent highs above $4, and it may take a long time for prices to see any bigger recovery. The risk of further declines is probably not over, the critical support level stands at $1.5, and if the price breaks it, the next price target could be at $1.

On the other side, if the price jumps again above $3 resistance, we have the open way to $4.

Summary

Swipe is a very promising project that enables businesses to create, manage, and distribute branded virtual and physical cards for users. Swipe (SXP) has collapsed from the recent highs above $4, registered on 6th September, and the risk of further decline still persists.

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