The crypto market is showing remarkable bullish momentum in Q4, with SPX6900 gaining 7% in 24 hours. As Bitcoin consolidates above $121,000 and Ethereum nears $5,000, could this unique memecoin reclaim $2? Technical indicators reveal a captivating narrative of optimism and caution, amidst surging volume and differing analyst opinions on the short-term trajectory.
The recent performance of SPX6900 has been impressive with a gain of 70% over the week and 17% over the month, completely erasing the losses recorded in September. This recovery comes with a trading volume increase of nearly 60%, reaching 70 million dollars. For experienced traders, this technical signal deserves attention: historically, when SPX volume exceeds 100 million dollars, it generally marks the beginning of a sustained rally.
Analysis reveals a clear breakout from a falling wedge, a classic bullish reversal pattern suggesting renewed momentum. After solidly defending the support at $0.9, the token is now testing the psychological resistance at $2.00. Projections based on the 1.236 Fibonacci extension place the next technical targets between $3.40 and $3.60, representing substantial potential gains for current positions.
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Additionally, the macro context is also playing in SPX6900‘s favor. BNB just crossed $1,300 to establish itself as the third-largest market cap, while overall sentiment remains euphoric. October confirms its reputation as a favorable month for altcoins, and this seasonality could push SPX toward new highs. Some analysts like Murad even mention bold projections toward a multi-trillion dollar capitalization in the long term, reflecting the prevailing optimism.
The Volume Profile Order Blocks indicate strong selling pressure above the price between $1.5 and $1.64. Rejection from this zone could push the SPX price down to the support zone between $1.27 and $1.18 or even $1.13 and $1.06.
The current context places SPX6900 at a critical inflection point. The dichotomy between short-term bullish signals and warnings from bearish technical patterns requires vigilance and rigorous risk management. The next sessions will determine whether buying strength will be sufficient to sustainably break through $2 or if deeper consolidation is needed before the next impulse.
Nevertheless, SPX’s recent performance proves it’s a token worth watching. Its 70% rebound in 5 days could be a harbinger of a massive explosion if BTC rebounds.
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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.
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