SPX6900 (SPX) Goes From Underdog to Outlier — Memecoin Now Ready for $2 After 50% Rally

Key Takeaways

• SPX price has maintained an ascending channel since May 8, flipping key resistances into support.
• The Bull Bear Power remains positive, and the ADX reading at 53.72 confirms a strong uptrend.
• On-chain data shows minimal profit-taking, suggesting room for SPX to break its previous high.

Once dismissed after crashing to $0.29 in March, SPX6900 (SPX) is staging a comeback that turns skeptics into believers. In the past seven days, the memecoin has surged 50%.

As of this writing, the SPX6900 price has hit $1.70, now 5% shy of its January all-time high.

The rally aligns with CCN’s early call, where we flagged SPX as a memecoin to watch and projected a move to $2. Judging by the current momentum, that target is no longer a long shot — it is now within striking distance.

SPX6900 Strengthens Above Support

Since May 8, the SPX6900 price has been climbing steadily within an ascending channel on the 4-hour chart, printing a series of higher lows and higher highs.

Along the way, the memecoin flipped the $0.93 resistance into support and powered through the barrier at $1.19. The breakout confirms growing strength.

A closer look at the image below shows that bulls played a significant role in this recovery. As seen below, the Bull Bear Power (BBP) has been in the positive region since June 7.

The current BBP setup points to solid buying pressure, with bears clearly on the back foot. If this momentum holds, SPX’s price could soon break through its all-time high.

Backing this outlook is the Average Directional Index (ADX), which gauges the strength of a trend.

Typically, a reading below 25 signals weak directional movement. But as of now, the ADX is at 53.72.

Sellers Absent

That level confirms a strong uptrend, and if history is any guide, the SPX price may be about to take a fresh leg higher.

Furthermore, according to IntoTheBlock, the meme coin has broken through a major resistance zone around $1.62 that previously restricted the uptrend.

With that barrier removed, the path to charting new highs for the SPX6900 price in the short term looks clearer.

In supporting this, Santiment’s Network Realized Profit/Loss metric shows minimal profit-taking on SPX. This points to low selling pressure despite the recent rally.

That restraint from holders suggests confidence in the memecoin’s price action. If this trend holds, SPX’s price could confirm a breakout past its all-time high

SPX Price Prediction: Bullish Setup Confirmed

We examined the daily chart for SPX/USD regarding its short-term outlook. As seen below, the SPX6900 price has formed a U-shaped recovery in the form of a cup and is near its January highs.

The Moving Average Convergence Divergence (MACD) has also maintained its positive reading, indicating bullish momentum. Should this trend continue, SPX’s price might hit a new all-time high and clock $1.78.

However, the rally might not end there. The memecoin could see a 15% increase from here, bringing it closer to $2.

On the flip side, if profit-taking increases before SPX hits a new high, it could face a pullback down to $1.41 at the 0.236 Fibonacci level.