SPX hits key test at $1 support as metrics signal fading interest | Credit: Veronica Cestari
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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.
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.
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.
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.
