SPX6900 enters August on a bearish note | Credit: Veronica Cestari
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Key Takeaways
SPX6900 price fell 17% in 24 hours to $1.65 after topping $2 last month
The token has broken below a rising wedge, signaling seller dominance.
Descending channel plus CMF below zero points to further downside
After notching a new all-time high in July, SPX6900 (SPX) has entered August on a bearish note. Over the past 24 hours, the price of SPX6900 has dropped 17%, now trading around $1.65.
This sharp decline contrasts sharply with how SPX began last month, when momentum and buying pressure were firmly on its side.
However, the current setup hints at an inflection point — either a recovery bounce or another leg lower could be next.
Here is what could be next.
SPX690 Confirms Bearish Breakdown
On the daily chart, the SPX6900 price spent most of July posting higher lows and higher highs, a steady uptrend that propelled the token above $2 after multiple failed attempts.
However, that same upward grind carved out a rising wedge — a pattern that signals bearish reversal potential. Rising wedges form when price action climbs within narrowing trendlines, indicating slowing momentum even as price makes new highs.
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As of this writing, the SPX6900 price has broken below the lower trendline of its rising wedge pattern, confirming the bearish setup. The Bollinger Bands (BB) have also expanded, signaling heightened volatility around the memecoin.
Adding to the downside pressure, SPX has slipped below the BB’s middle band, reinforcing a bearish bias in the short term. Without a swift move from buyers, further selling looks likely before any recovery attempt.
The Bull Bear Power (BBP) reading supports this view. While BBP stayed positive for most of last month, it has now fallen into negative territory — a sign that selling pressure dominated the market.
If this bearish momentum persists, SPX could slide toward support at $1.35. In a deeper correction, it could hit $1.03.
However, this outlook remains valid as long as resistance at $2.15 holds firm.
SPX Price Analysis: Bearish
Like the daily chart, the SPX/USD 4-hour chart paints a bearish picture. The memecoin’s recent pullback has pushed it into a descending channel, signaling sustained downside pressure.
The Chaikin Money Flow (CMF) has now dropped to the zero signal line, reflecting a shift where distribution is outpacing accumulation. This imbalance suggests that sellers remain firmly in control.
From a technical perspective, SPX is at risk of falling below $1.53, which aligns with the $0.382 Fibonacci retracement level.
Adding to the bearish case, price action has slipped beneath the Ichimoku Cloud — a clear sign that overhead resistance outweighs underlying support.
If this setup persists, SPX’s market value could slide toward $1.35 and, in a deeper drawdown, $1.07. Conversely, a surge in buying pressure could lift the CMF back above zero, potentially easing the sell-side momentum.
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.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
