SPX6900 (SPX) is making waves with a rapid 30% surge in a few days, reaching $0.9! This memecoin, backed by a vibrant community and solid technical setup, is testing a key level. Could a bounce propel the token to new heights in 2025?
Propelled by the resurgence of Ethereum and the craze for altcoins, SPX6900 (SPX), the memecoin parodying the S&P 500 index, is making waves. With a surge of +30% in a few days, reaching $0.9, SPX is testing a crucial technical resistance.
Could this level trigger a new bullish phase towards $1.11 or higher?
Far from being just a viral phenomenon, SPX6900 (SPX) captivates with its community dynamics and promising technical setup. Following an explosive rise of +30% to $0.9, the token is retesting a key zone, drawing attention from savvy traders.
Indeed, on the daily chart, SPX6900 broke its resistance at $0.8. If it holds above, it should target the upper band of the MRC between $1.04 and $1.34 (green zone). At $0.9, SPX6900 is retesting the previous resistance from May 13th.
In case of retracement, the POC at $0.47 can serve as a strong base. Before that, the range between 55 and 60 cents provides good support.
Moreover, as indicated by the analyst at TheDeFiReport, the MVRV of SPX6900 is at $0.42, a level that could be defended.
“MVRV: used as an indicator of the token holders’ ‘cost base.’ For SPX, it is currently at $0.42 (the token is currently trading at 1.79 times this value),” he writes.
If this level breaks, SPX could drop to $0.26, another significant liquidity zone.
Several catalysts are fueling the rise:
According to Michael Nadeau from TheDeFiReport, SPX6900 has the highest conviction rate among its holders compared to all “bluechips” in the crypto ecosystem.
“For example, we analyze the percentage of wallets that previously held over $100,000 in tokens and still retain over 50% of their capital.
This indicator for SPX6900 is currently at 33.1% (the highest among the bluechips we analyze).”
If SPX6900 holds the support at $0.8 in the short term and surpasses the recent peak at $0.9, the theoretical target from the ascending triangle is $1.11, representing +23%. An ambitious scenario, fueled by community momentum and altcoin dynamics, could target the historical peak of $1.77 (January 2025), a +96% increase.
For traders :
At $0.9, SPX6900 (SPX) is at a turning point. Its +30% surge and resistance retest present an opportunity. A confirmed bounce could propel the token towards $1.11 (+23%), or even $1.77 (+96%), in a booming altcoin market.
With a growing community and promising technical signals, SPX6900 could shine in 2025. Here’s how to acquire the token on Bitget today:
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.
