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The SPX6900 price pumped 7% in the last 24 hours to trade at $1.44 as of 10:18 p.m. EST as traders enter into long positions for the crypto.
With the recent surge, the SPX price is now up over 100% on the monthly time frame.
Bullish Reversal Pattern Emerges On Daily Chart For SPX6900 Price
Daily chart for SPX/USD (Source: GeckoTerminal)
A falling wedge pattern has formed on the daily chart for the SPX6900 price, according to data from GeckoTerminal. This is usually a trend reversal pattern that suggests an asset’s trend might shift from bearish to bullish. If the pattern is validated, SPX could try to make a move towards the nearest resistance at $1.7752.
However, the SPX6900 price dropping below $1.3704 within the next 48 hours could prevent the pattern from playing out. This might then result in a continuation of the downtrend SPX has been in over the last few days. Traders might push the altcoin’s value down to the $1,1204 support in the short term as a result.
Technicals Warn The SPX6900 Price Might Drop
From a technical point of view, the trend reversal pattern that has appeared on SPX’s daily chart might not be validated in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) warn the SPX6900 price might fall over the course of the next trading day.
In the last few days, the MACD line has dropped below the MACD Signal line to trigger a major bearish technical flag. With the MACD now breaking away below the Signal line as well, it appears SPX’s bearish momentum is picking up steam.
Sellers are also starting to grow stronger against buyers, as suggested by the recent decrease in RSI readings on the daily chart. While the latest reading around 60 could indicate that bulls have the upper hand, the downward slope of the RSI line warns that their grip on the SPX6900 price is weakening.
If the bearish signs presented by the MACD and RSI on the daily chart influence traders’ decision making, then the SPX6900 price might drop before the falling wedge pattern is validated.
As traders wait to see what the SPX6900 price will do next, investors are flocking to the presale for Snorter Token (SNORT). Popular YouTube channel 99Bitcoins, which has over 723K subscribers, says SNORT could soar 10X after its launch.
A New Crypto Trading Bot About To Take The Market By Storm
The crypto market is known for its volatility, and with new tokens entering the market on a daily basis, it can be difficult to find and take advantage of profitable trade opportunities. This is why many in the Web3 community have turned to bots to automate their decision making.
Solutions like Bonkbot, Maestro and Trojan have been the bots of choice in the crypto space up until now, but a new entrant called Snorter Bot has all of the features needed to steal their market share and claim a dominant market position.
Unlike browser-based tools, Snorter Bot operates within Telegram. This means users can snipe new tokens as soon as they emerge, perform sub-second token swaps, copy other traders, and monitor their portfolios in real-time all through the popular messaging platform.
On top of the ease of use, Snorter Bot also comes with advanced MEV protection and honeypot scam detection. Users can therefore trade with the peace of mind that they are protected from scammers and that their trades will not be frontrun by MEV bots.
All of the bot’s features are complemented by low fees. SNORT token holders slash their execution costs from 1.5% to 0.85%, undercutting all of the other crypto trading bots out in the market.
SNORT’s Presale Blasts Past $1 Million
There is already early interest in Snorter Token and its native bot, as evident by the more than $1 million the project has raised through its ongoing presale shortly after its launch.
Interested investors can navigate to the project’s website and use the simple buy widget embedded on the homepage to acquire some tokens. Currently selling for $0.0955, SNORT can be bought with both crypto or bank card. Tokens can also be put to work through the project’s presale staking pool, which currently offers a 282% APY.
Anyone looking to secure the best presale deal will want to hurry, because SNORT’s price will increase as the ICO progresses. The next price hike is scheduled for around 7 hours.
Visit the Snorter Token website to learn more.
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