SPX6900 (SPX) Faces Relentless Sell Pressure — Memecoin Risks Losing $1 Floor

Key Takeaways

• SPX6900 dropped 10%, reaching $1.15, with indicators suggesting a further decline.
• On-chain data shows a decline in Coins’ Holding Time and a drop in active addresses.
• The Supertrend shows resistance at $1.33, and the CMF indicates seller dominance.

After a strong showing over the weekend, SPX6900 (SPX) has lost steam to start the new week.

The memecoin, which has outpaced much of the market this cycle, dropped 10% in the past 24 hours, sliding to $1.15.

While some holders are hoping for a quick bounce, several indicators suggest SPX could be heading for a deeper pullback, possibly even falling below the key $1 level.

Here’s what the data shows.

SPX6900 Breaks Down

From an on-chain standpoint, SPX has seen a decline in the Coins’ Holding Time metric, which measures how long a cryptocurrency has been held before being transacted or sold.

When it increases, it means that holders have refrained from selling. If sustained, this could drive the price higher amid less selling pressure.

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However, according to IntoTheBlock, the memecoin’s holding time of transacted coins has fallen compared to its position on June 29. This decline indicates rising selling pressure.

Should the trend continue, the SPX6900 price is unlikely to bounce higher. Instead, the cryptocurrency could be on the verge of dropping below $1, which has been a key support level for a long time.

Memecoin Demand Drops

Furthermore, on-chain analysis using Glassnode also supports this thesis. For instance, on June 11, the number of active addresses on the SPX network was 2,394.

As of this writing, the same metric has fallen to 982.  The decrease in active addresses implies fewer SPX6900 transactions have happened than in previous weeks.

If it had increased, the sentiment would have been bullish. However, the decline in these transactions also implies that buying pressure is fading.

If sustained, then SPX6900 price might struggle to bounce quickly in the short term.

SPX Price Prediction: Recovery on Hold

From a technical point of view, the 4-hour chart shows that the SPX6900 price is trading in a descending channel. Amid this decline, the red line of the Supertrend indicator has risen above the price.

This Supertrend position indicates that the SPX price faces resistance near $1.33. If this resistance holds, the memecoin’s price could drop below the underlying support at $1.12.

In addition, the Chaikin Money Flow (CMF) reading is below the zero signal line, indicating that sellers are in control. If bearish pressure increases, the cryptocurrency’s market value might slide to $0.92.

However, if the SPX6900 price replicates the performance between June 28 and 29, this forecast might not happen. During that period, the memecoin broke above the upper trendline of the falling wedge.

Should buying pressure increase and bulls push the token higher, the value could rise toward $1.57.