The SPX price fell 85% after its all-time high of $1.78 in January.
It regained its footing in March and quickly recovered all of its losses, nearing its all-time high.
Aided by a bullish crypto market, an SPX breakout could be just around the corner.
The SPX price has increased since its low of $0.25 on March 11.
The SPX upward movement was gradual initially, but accelerated after the token created a higher low in May.
Since then, SPX has increased alongside a parabolic ascending support trend line.
The SPX price nearly reached a new all-time high on June 12 (red icon) but fell for three days afterward.
Nevertheless, SPX bounced at the trend line (green icon) and is heading to new highs.
The SPX price must increase by only 7% to reach a new all-time high.
Technical indicators do not show any weakness. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are overbought but have not generated divergences.
So, the daily time frame SPX price analysis is bullish, predicting that the memecoin will reach new highs.
The wave count suggests SPX completed wave three of a five-wave upward movement (green).
It is unclear if wave four ended on June 13 or if it will develop into a symmetrical triangle.
A breakout and a new SPX all-time high are likely in both cases.
The main target for the top of wave five is between $2.71 and $2.78. The target is found by the 1.61 external Fibonacci retracement and by giving wave five the same length as waves one and three combined (green).
This will mark the end of the upward movement, after which a significant SPX correction is likely.
The SPX price is knocking on the door to a new all-time high.
SPX is increasing parabolically and could reach its peak this week.
The most likely target for the top of the subsequent increase is between $2.71 and $2.78.