Home / Analysis / Crypto / Technical Analysis / SPX6900 (SPX) Price Nears Historic Levels — Memecoin Now 7% From a New All-Time High

SPX6900 (SPX) Price Nears Historic Levels — Memecoin Now 7% From a New All-Time High

Published
Valdrin Tahiri
Published
By Valdrin Tahiri
Edited by Ryan James
Key Takeaways
  • SPX6900 (SPX) trades only 7% below its all-time high.
  • SPX has increased parabolically since the start of May.
  • Will SPX reach a new all-time high, and where will it go next?

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.

SPX Nears All-Time High

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.

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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.

SPX Parabola
SPX Daily Chart | Credit: Valdrin Tahiri/TradingView

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.

What’s Next for SPX?

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.

SPX Parabola
SPX Daily Chart | Credit: Valdrin Tahiri/TradingView

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.

Breakout Incoming

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.

Disclaimer: The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer. He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape. Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights. He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
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