The cost of SPX6900 (SPX) has soared by 27% over the past 24 hours, regaining the $1 billion market capitalization benchmark and solidifying its place among the top 10 meme coins, with FARTCOIN trailing closely behind.
Although the price suggests it might reach $1.64, critical resistance and support points are still vital in predicting the next action. If the momentum weakens, there’s a possibility that SPX could experience a significant drop, possibly touching $0.93, $0.81, or even dipping down to $0.61.
SPX Ichimoku Cloud Shows a Mixed Setup
In simpler terms, the Ichimoku chart for SPX indicates an ambiguous situation, with the price hovering close to the green Kumo, or cloud. This cloud, created by the Senkou Span A (a thin green line) and Senkou Span B (a red line), suggests a neutral-to-positive prediction because Span A is slightly higher than Span B at this moment.
This setup could signal a change in direction for the market, but due to the cloud’s delicate structure, it may not provide strong backing or opposition. Consequently, this leaves the price vulnerable to fluctuations.
Currently, the blue baseline (Kijun-Sen) is dropping below the price, indicating a strengthening short-term momentum. Additionally, the orange conversion line (Tenkan-Sen) is rising as well, adding more evidence to support this positive trend change.
Even though the green line (lagging span) currently lags behind the price and the cloud, it’s indicating that SPX hasn’t fully entered bullish territory yet. For a clearer bullish indication, the price should ideally rise above the entire red cloud, which would bring all Ichimoku lines into a more favorable alignment, suggesting a stronger support for a potential bullish trend.
SPX BBTrend Has Been Strongly Negative For The Past 2 Days
The short-term trend for SPX’s BBTrend is currently showing a strong downward movement at -32.3, and it has been negative since January 10. For the past two days, this trend has stayed below -30, indicating continued bearish momentum. Interestingly, despite this, SPX has experienced a significant price surge of approximately 27% in the last day, placing it among the top 10 meme coins by growth.
The decline suggests that the overall strength is still lacking, even with the current surge, which should prompt traders to exercise caution when seeking prolonged growth.
As a crypto investor, I’m always on the lookout for indicators to guide my investment decisions, and one tool I find particularly useful is the Bollinger Band Trend (BBTrend). This handy dandy tool helps me gauge price fluctuations in relation to its Bollinger Bands. It gives me insights about the strength and direction of trends.
When the BBTrend shows negative values, it’s like a red flag telling me that the market might be headed downwards (bearish conditions). On the flip side, positive values are a bullish sign, suggesting an upward trend. At the moment, SPX’s BBTrend is sitting at -32.3, which underscores that we’re still in a bearish zone. So, I might want to be cautious and consider my moves carefully.
It seems that even though prices have recently spiked, there’s not enough robust underlying force suggesting a permanent change in direction for the market. If the demand weakens, the SPX might encounter possible downturns.
SPX Price Prediction: Will SPX Drop Below $1 Soon?
Should the current upward trend persist, it’s possible that the SPX price might climb up to $1.64, representing a potential increase of approximately 37.8%. This rise could be fueled by a revitalization in the narrative surrounding meme coins. This projected level corresponds with the bullish energy observed in recent market dynamics. However, maintaining this trend would necessitate more robust confirmation from key market indicators.
On the other hand, these indicators, Ichimoku Cloud and BBTrend, are pointing out that the ongoing upward trend might not hold its strength, urging traders to exercise caution when anticipating additional price increases.
Should the current upward trend flip, the SPX index might revisit the crucial support of $0.93. This level has proven significant in past trading days.
If this level doesn’t hold, the price might fall even lower to $0.81, which could potentially cause SPX to lose its standing as one of the major meme coins to FARTCOIN. A more significant correction could push SPX down to $0.61, indicating a potential drop of 48.7% from its current value.
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2025-01-15 00:09