SPX6900 Analysis: SPX Rises 20% – Is the Market Eyeing Its Potential?

Updated: 27 September 2023

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SPX6900 price prediction is bullish as it trades at $0.0065. Though SPX is turning down on the four-hour chart, it is up more than 30% on the day and has rallied approximately 90% over the past week.

According to data from CoinMarketCap, the token’s 24-hour trading volume has jumped 90% to $669,541. As a result of this growing trading activity, SPX6900 ranks number five on the list of trending tokens on Dextools.io today.

Dextools hot pairs — **Source**: *DEXTools*

This follows a strong rally initiated on Sept 21, causing the token to reclaim key support levels. If the current bullish recovery is sustained, technical indicators and a highly bullish technical formation point to a massive move for SPX.

SPX6900 Price Prediction and Technical Analysis

SPX price dropped approximately 67% from the equal highs of $0.0045 to set a swing low of around $0.001483. This was followed by a steady run-up to the current levels oaboutnd $0.005724.

This price action has led to a rounded bottom pattern on the four-hour chart, as shown below. This pattern appears when an asset initially descends toward a low, indicating an excess supply. A reversal to an upward trend occurs when buyers enter the market on the dips, which increases demand for the asset. Once the rounding bottom is complete, the asset breaks out to start a massive move upward.

In the case of the SPX6900 price, a breakout from the rounding bottom chart pattern occurred on Tuesday when the token produced an eight-hour candlestick close above the price immediately before the start of the initial decline (the neckline) – in this case, the $0.0045 mark.

This sets SPX on the path to a 49.5% increase to reach the bullish target of the prevailing chart pattern around $0.0075. This would constitute a 30% ascent from the current price.

SPX/USD Four-hour Chart

SPX price Chart — TradingView Chart: SPX/USD

Apart from the significantly bullish chart pattern, the Direction Movement Index (DMI) showed that the buyer’s grip on SPX was still firm. The positive directional line (+D1) at 36 was way above the negative directional (-D1) line at 6.3. The Average Direction line (ADX) was 39, suggesting the uptrend was very strongThehe Relative Strength Index (RSI) waalso also positioned in the positive region. The price strength at 69 indicated that the buyers were in complete control of the price, adding credence to SPX’s positive outlook.

Moreover, the SPX6900 price traded above all the major moving averages, providing robust support on the downside. These areas were defined by the 50-four-hour Simple Moving Average (SMA) at $0.003436 and the $0.0028 region, embraced by the 100 and 200 SMAs.

Also, note that the SMA had sent a call to buy SPX on the same four-hour chart. This came in the form of a golden cross on Monday when the fast-moving 50 SMA crossed above the 200 SMA. This bullish cross still played, implying that the market conditions favored SPX’s upside.

Conversely, the crypto was turning down, as a red candlestick appeared on the four-hour chart. The RSI was facing down, suggesting that although there were more buyers than sellers in the market, their strength could soon run out as buyer fatigue kicked in. This implied that the ongoing price correction favoring the downside could continue quickly.

As such, a four-hour candlestick close below $0.0055, would invalidate the recovery efforts and extend the current sell-off, resulting in another correction toward the $0.0050 psychological level, or the chart’s neckline around $0.0045.

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