SPX6900 Price Holds Support, Uptrend to Resume?

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SPX6900 price has started to show signs of recovery following a massive correction from a double-top pattern resistance around $0.54.

The token has soared 25% over the last 24 hours to exchange hands at $0.4856.

The earlier correction came amid headwinds in the crypto market as Bitcoin fell below $28,000 and Ethereum seeks support at around $1,650.

Investors expected October to live up to its reputation as a month where cryptocurrencies tend to perform well compared to August and September. But selling pressure in the last few days has seen investors fret about “Uptober” fading away before it’s barely started despite a boost from the approval of Ethereum exchange-traded funds (ETFs) in the US.

According to analyst and trader @CryptoBusy, investors should not “freak out! “UPTOBER” doesn’t always mean an uptrend, it needs to pull back!”

He notes that uptrends also have pullbacks as traders take profits.

Don't freak out! "UPTOBER" doesn't always mean an uptrend, it needs to pull back! (CHECK THIS CHART) 🚨

Here's why:

• Traders are taking profits.
• There are technical levels. (Support and resistance)
• Overbought and oversold conditions exist.
• The price will react to… pic.twitter.com/BaF1MFsmOL

— CryptoBusy (@CryptoBusy) October 4, 2023

SPX6900 has continued to attract a large following on social media, especially X (formerly Twitter), where the community shares news and developments about the project.

https://twitter.com/Obamautism/status/1709364427512799610

Will SPX6900 Bulls Resume Uptrend?

SPX6900 price is sitting on top of confluence support formed by two key indicators: The 200 Exponential Moving Average (EMA) (purple) and the 100 EMA (blue) at $0.4825. On the upside, the 50 EMA (red) is the immediate resistance, which must be broken for bulls to resume the uptrend.

A forming double-top pattern curtailed the rally towards the end of September and the first few days of October, possibly due to profit-taking among traders.

The Moving Average Convergence Divergence (MACD) indicator reveals that bears currently have the upper hand. As observed from the four-hour chart, the blue MACD line holds below the signal line in red as the momentum indicator drops sharply toward the neutral 0.000 area. The red histograms below this level uphold the bearish outlook for SPX6900.

If declines continue, the support provided by the middle descending trendline, forming part of the symmetrical triangle, would be instrumental to bulls desiring to arrest the bearish situation. Otherwise, investors may have to acclimatize to losses extending to the next support at $0.46, $0.44, and $0.42, respectively.

spx6900 price chart — SPX/USD daily chart | Tradingview

At the same time, SPX6900 holds above strong support based on the daily chart, which bulls may tap to prevent losses from the double-top pattern from wiping out the gains accrued over the last few weeks.

The MACD also upholds the bullish outlook while sitting at the neutral line. If the blue MACD line keeps the gap above the signal line intact, a recovery will soon resume as traders return to seek exposure to SPX longs.

However, investors must be ready to endure a certain amount of selling pressure because pullbacks are ordinary even during up-trending markets. That said, the 50-day EMA (red) at $0.4945 might prevent an immediate recovery and force SPX6900 to seek liquidity from the next support area at $0.45, coinciding with the lower descending trendline on the daily chart.

Traders looking forward to new long positions in SPX may want to wait until the token jumps above the 50-day EMA. However, the uptrend would not be validated fully until SPX6900 jumps above the upper dotted trend line. A significant rally may erupt from here, propelling SPX above the 100-day EMA and beyond the 200-day EMA for gains targeting $0.75 and $1, respectively.

Promising SPX6900 Alternative to Buy – Bitcoin Minetrix

Investing in the crypto market can be lucrative but also daunting because of the high volatility affecting most tokens, especially those with small market caps like SPX6900. For this reason, investors must not put all their eggs in one basket but consider portfolio diversification as a way to minimize risk.

One way to manage risk is to look for crypto projects with immense potential and buy into them during their presale stages.

That said, Bitcoin Minetrix (BTCMTX) is a revolutionary platform already tokenizing cloud mining, allowing everyday investors to mine Bitcoin (BTC) in a decentralized yet secure manner.

With Bitcoin Minetrix, investors forget about the issues associated with third-party cloud mining scams.

This means investors have absolute control over the entire process by following a simple staking process (BTCMTX) to earn credits utilized to mine BTC. Cloud mining ensures that investors do not need expensive equipment to mine BTC.

The stake-to-mine concept is an innovative notion, rekindling hope for everyday #Crypto enthusiasts to engage in #Bitcoin mining. 🪙#BitcoinMinetrix users simply require an Ethereum-compatible wallet like #MetaMask, keeping things straightforward. pic.twitter.com/zqRFP4I5uD

— Bitcoinminetrix (@bitcoinminetrix) October 3, 2023

The mining process starts with the investors buying BTCMTX tokens in the ongoing presale using a self-custody wallet like MetaMask. These tokens are then staked in a smart contract to earn non-tradable ERC-20 token credits, which are then burned to earn BTC cloud mining power.

Investors have channeled $449k into the BTCMTX presale within two weeks. There is still an investment window, where you can buy 1 BTCMTX token for $0.011 as the team looks forward to raising $3 million to launch the project entirely.

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