Here's Why SPX Can Reach a New All-Time High Soon | Credit: Hameem Sarwar
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Key Takeaways
SPX6900 (SPX) broke out from a descending resistance trend line.
The SPX price started a new five-wave upward movement in September.
Can SPX sustain its recent breakout and move to a new all-time high?
SPX went through a steep correction for over two months, but things are starting to look different.
After bottoming out near $0.90, the SPX memecoin quickly reclaimed support and broke out from its corrective trend line.
Technical indicators are giving bullish signals, suggesting that the downtrend may have run its course.
With a fresh breakout from resistance, SPX could be gearing up for its next all-time high price.
SPX Price Breakout
The SPX price fell for 64 days after hitting its all-time high of $2.28 on July 28, following a diagonal resistance.
After a 60% price decline, the SPX price fell to a low of $0.90, briefly breaking below the $1.05 horizontal support area.
Luckily for the bulls, the breakdown did not last long, since the SPX price immediately reclaimed the $1.05 area and surged.
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Momentum indicators support the bullish SPX prediction. This is especially evident in the Moving Average Convergence/Divergence (MACD), which generated a bullish divergence (orange) before the reclaim.
The Relative Strength Index (RSI) is also increasing and remains above 50, confirming a bullish trend.
As a result, an eventual breakout from the $1.75 resistance level is the most likely future outlook.
Why is SPX Going Up?
The wave count is even more bullish than the price action. According to the count, the SPX price completed a five-wave increase between March and July.
Then, SPX created a complex W-X-Y-X-Z correction (red) that led to those above the $0.91 low.
If the count is accurate, the SPX memecoin has begun the first wave in a new five-wave upward movement.
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.
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.
