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The SPX6900 price surged 6,289% in the last month and 15% in the past 24 hours to trade at $0.5516 as of 03:26 a.m. EST on trading volume that rose 12% to $65 million.
SPX6900 Price Could Continue Soaring
The SPX6900 price has been on a sustained bullish rally in October after the bulls picked up momentum around the $0.01 support, which resulted in the price soaring through a parabolic curve, according to data from GeckoTerminal.
The SPX price now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the strong bullish stance to the upside.
The Relative Strength Index (RSI) is at 76.73, which is above the overbought threshold of 70. This suggests the asset is in overbought territory, meaning it might be overextended and due for a pullback or consolidation. However, in strong bullish trends, overbought conditions can persist for some time, so it’s not an immediate sell signal, but caution is advised.
The MACD line (blue) is at 0.0083, while the signal line (orange) is at 0.0755, forming a bullish crossover. While the MACD is still positive, the narrowing gap between the MACD and the signal line could indicate a slowing momentum or potential bearish crossover if this trend continues.
The histogram has also been reducing, signaling a potential weakening in bullish momentum.
SPX6900 Price Prediction
The SPX/USD chart analysis on the 4-hour chart shows that the price of SPX6900 is currently on a bullish rally.
The price is currently at $0.5516. The next significant psychological resistance level might be around $0.6000, as round numbers often serve as natural targets or resistance points without apparent historical resistance.
However, since the RSI is above 76, there’s an increased chance of a pullback or consolidation. The price could potentially consolidate between $0.50 and $0.55 before breaking higher, or we might see a retracement back to previous support levels, possibly around $0.40-$0.45.
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