SPX6900 (SPX) Bulls Punch Through $1 Again — Memecoin Momentum Refuses to Fade

Key Takeaways

• SPX6900 price rebounds above $1 after briefly dipping to $0.93, gaining nearly 10% in 24 hours.
• On-chain data reveals support between $1.07 and $1.10, giving SPX a solid base to retest resistance.
• Ascending channel structure and MACD crossover support the bullish trend, with eyes on $1.44.

SPX6900 (SPX) price went from dip to drive after briefly falling to $ 0.93 on June 1. The memecoin’s previous dip below the key $1 psychological level sparked concerns that its strong May performance might be losing steam.

However, bulls have regained control, pushing the price back above $1. Over the past 24 hours, SPX6900 price has surged nearly 10%, making it the top gainer among the top 100 cryptocurrencies.

This development means SPX price is now 33% from retesting the all-time high it reached on Jan. 19. But can the memecoin rally to that peak with the current trend?

SPX6900 Bounces Back

As of this writing, the SPX6900 price is at $1.18. According to the 4-hour chart, the memecoin retested this point after bulls defended it after it slid to $093 earlier.

From the image below, the Bull Bear Power (BBP) dropped to the negative zone on Sunday, June 1. But today, the BBP reading has climbed back to positive territory.

As the name implies, the BBP compares the strength of bulls (buyers) to bears (sellers). When the reading is negative, bears have the upper hand.

But in this case, SPX bulls are dominant. As a result, the token has resisted falling below the lower trendline of the ascending channel.

Beyond the bullish control, CCN observed that the Chaikin Money Flow (CMF) reading has crossed above the zero signal line.  The CMF measures the level of accumulation (buying pressure) and distribution (selling pressure) around a cryptocurrency.

When the reading is below zero, sellers are in control. However, since it is the reverse, the buying pressure could drive the SPX6900 price higher in the short term.

Support Triumphs Over Resistance

From an on-chain perspective, the In/Out of the Money Around Price (IOMAP) indicator offers insight into key support and resistance zones.

It does this by analyzing the number of addresses that acquired tokens within specific price ranges, and occasionally, it also factors in volume.

When a large number of addresses are in profit at a certain level, that zone acts as strong support. On the other hand, if more addresses are held at a loss, the area serves as resistance.

According to data from IntoTheBlock, the strongest support for SPX currently lies between $1.07 and $1.10, where 210 addresses hold tokens in unrealized profit. This is a higher concentration than the number of addresses between $1.13 and $1.27.

Given this position, the SPX6900 price has a solid foundation to break above $1.27 and potentially continue trading higher.

SPX Price Analysis: New High Coming

Like the structure on the 4-hour chart, SPX’s price is trading in an ascending channel. Amid this move, the Moving Average Convergence Divergence (MACD) has maintained its positive reading.

In addition, the Exponential Moving Average (EMA) on the MACD has refrained from invalidating the bullish crossover. Should this trend remain the same, the SPX6900 price might break the resistance at $1.44.

If successful, this could send the memecoin to a new all-time high of $1.80. Should buying pressure intensify, the token could hit $2 for the first time.

However, if bears neutralize bullish dominance, this prediction might not happen in the short term. In that case, SPX price might decline below $1 again and hit $0.85.