The SPX surged by 24% in just 24 hours, reaching its highest level in three months. With a significant increase in trading volume and strong buying pressure, could the price of $0.90 be the coveted launching pad for this memecoin?
The cryptocurrency SPX6900 (SPX) has experienced a spectacular 24% increase in the last 24 hours. It reached a peak of $1.0179. This impressive surge was accompanied by a significant spike in trading volume. It surged by 184.91% to reach $140.21 million.
The increase in trading volume and price rise indicate a strong demand for SPX. New investors are entering the market, boosting interest in this memecoin. Analysis from Coinalyze shows that buyers have clearly taken control of the market, grabbing 1.27 million SPX with a positive delta of 506,000 tokens.
The bullish sentiment has also extended to the derivatives market. Open interest in SPX6900 surged by 34.2% to reach $64.4 million, indicating that traders are opening new long positions. The long/short ratio shows that long positions account for 51% of futures contracts, suggesting that most investors are betting on a further price increase.
According to AMBCrypto analysis, SPX6900 could experience a strong bullish momentum supported by organic demand. The memecoin has made a bullish crossover on its RSI, indicating that buyers are dominating the market. However, the RSI is approaching overbought levels, and a pullback to $0.9073 is possible if profit-taking begins.
Nevertheless, the current market conditions position SPX for additional gains, with $1.3 as the next potential target. The alignment of spot demand, exchange outflows, and long-term futures contracts signals sustained price strength, rather than just a trend.
Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
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