A Technical Bounce Validated by Volume
After a correction phase that tested investors’ nerves, SPX successfully defended the psychological zone of $0.30. This level, identified as a critical support by analysts, served as a springboard for an immediate bullish impulse. The token recorded a 14% to 15% surge, temporarily breaking through the $0.36 resistance to reach a local peak around $0.37. Indeed, a 4-hour buyer order block formed at this level, providing a new solid support to defend.
Currently, the price is stabilizing in a zone between $0.31 and $0.34. This movement is accompanied by a significant increase in on-chain activity: 24-hour trading volume has surged (approximately $20 million), signaling a return of speculative interest and sustained buying pressure (buy-side liquidity).
This breakout above short-term moving averages indicates that buyers are regaining control. However, SPX’s ability to transform the former $0.36 resistance into support will be decisive for future developments. If the crypto manages to close several hourly candles above this threshold, the market structure will shift from neutral to clearly bullish.
Key Scenarios: $0.40 in Sight?
Technical analysis reveals an intense battle between bulls and bears at current levels. The configuration suggests two probable outcomes for the next 24 to 48 hours.
- Bullish Scenario: If SPX confirms its breakout above $0.36 with volume, the path is clear toward the next major resistance. Analysts are watching the $0.40 zone as the first target (Target 1). A daily close above this level could trigger a FOMO effect and open the door to a retest of the trendline at $0.47, then the liquidity zone around $0.57.
- Bearish Scenario: Conversely, if the price fails to maintain above $0.35 and faces rejection (fakeout), the risk of a bull trap is real. In this case, a retracement toward the $0.30 support is the most likely scenario. A loss of this level would invalidate the bullish thesis and could lead to a drop toward the lower liquidity zone around $0.28, or even $0.24.
Can SPX6900 Outperform the Market This Week?
While the memecoin market remains volatile, SPX’s resilience against selling pressure at $0.30 is a signal of relative strength. Momentum indicators show that buying pressure is present, but caution remains warranted as long as the $0.37 zone is not broken with conviction. Traders will need to closely monitor volumes in the coming hours: a decrease in intensity could signal premature exhaustion.
With a market capitalization attempting to break out of its consolidation, the question remains open: does SPX have enough fuel to reach $0.50 before the end of the month?
Related Articles:
