The SPX shows an impressive 17% uptick fueled by increased activity from big whales. Open interest is booming, with exponential moving averages providing strong technical support. Could this setup indicate an imminent push towards the psychological threshold of $0.72?
The SPX market is currently experiencing a strong bullish momentum phase, driven by converging technical signals and a notable return of massive players. The recent 17% surge places the cryptocurrency in a crucial zone.
The activity of SPX whale wallets has seen a notable acceleration in recent days. On-chain data reveals that several addresses classified as whales have considerably increased their positions, generating an unusual accumulation volume for this asset. One whale purchased $3.3 million worth of SPX.
This demand translates into sustained buying pressure that keeps the price above critical support levels. Large-scale transactions are multiplying, demonstrating renewed confidence in the project’s medium-term prospects. Historical data shows that these whale accumulation phases typically precede significant price movements.
The ratio between accumulation and distribution clearly leans toward massive buying. Blockchain metrics confirm that outflows from exchanges to private wallets have increased substantially, a sign of intent to hold rather than engage in speculative trading.
Buy your SPX on a discounted Ledger! Get a 50% discount on your Ledger Nano or up to $90 in BTC when purchasing the new touchscreen models right now:
Open Interest on SPX derivative contracts is showing impressive growth that accompanies the price increase. This simultaneous rise constitutes a particularly bullish technical indicator, suggesting that new capital is entering the market rather than simply recycling existing positions.
Trading volumes have also surged, providing the necessary liquidity to support a potential trend continuation. The funding rate remains positive without reaching excessive euphoria levels, which still leaves room for additional appreciation before entering an overheated zone.
The leverage levels used by traders remain moderate compared to historical peaks, reducing the risk of cascading liquidations that could abruptly reverse the trend. This healthy configuration provides a favorable environment for organic price progression.
From a chart analysis perspective, SPX is trading above its key exponential moving averages, with solid support established by the 50 EMA. The price structure forms an ascending pattern characterized by increasingly higher lows, a typical signature of a robust uptrend. The bullish CVD divergence confirms this influx of liquidity.
However, the token is facing a daily Order Block. This zone will be difficult to break through and will require a new wave of buyers. The next liquidity zones are located at $0.85 and between $0.98 and $1.18, which constitutes the final crucial zone for SPX.
Related articles:
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Trading cryptocurrencies involves risks, and it is important not to invest more than you can afford to lose.
InvestX is not responsible for the quality of the products or services presented on this page and cannot be held liable, directly or indirectly, for any damage or loss caused by the use of any product or service featured in this article. Investments in crypto assets are inherently risky; readers should conduct their own research before taking any action and invest only within their financial means. This article does not constitute investment advice.
Risk Warning : Trading financial instruments and/or cryptocurrencies carries a high level of risk, including the possibility of losing all or part of your investment. It may not be suitable for all investors. Cryptocurrency prices are highly volatile and can be influenced by external factors such as financial, regulatory, or political events. Margin trading increases financial risks.
CFDs (Contracts for Difference) are complex instruments with a high risk of rapid capital loss due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should assess whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Before engaging in financial or cryptocurrency trading, you must be fully informed about the associated risks and fees, carefully evaluate your investment objectives, level of experience, and risk tolerance, and seek professional advice if needed. InvestX.fr and the InvestX application may provide general market commentary, which does not constitute investment advice and should not be interpreted as such. Please consult an independent financial advisor for any investment-related questions. InvestX.fr disclaims any liability for errors, misinvestments, inaccuracies, or omissions and does not guarantee the accuracy or completeness of the information, texts, graphics, links, or other materials provided.
Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
