Key Takeaways
- SPX6900 (SPX) has increased by 300% since March.
- The SPX price trades inside the $1 horizontal resistance.
- Can SPX break out and move to a new all-time high?
Since March 11, SPX has been one of the best-performing memecoins, gaining more than $100 in value.
Today, it finally broke above the $1 mark, a key milestone it hadn’t hit since February.
With another 80% needed to reach a new all-time high, it’s worth taking a closer look at the SPX charts to see what could come next.
SPX Price Reaches $1
SPX has staged an impressive rally since hitting a low of $0.25 on March 11.
After a brief dip in late March, the memecoin regained its footing and surged to $1.01 today, marking its highest price since February 2.
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The $1 level is a major resistance zone, the last one standing before SPX can attempt a run at its all-time high.
If the daily close lands above this psychological barrier, the next target sits around $1.50, roughly 50% higher.
Technical indicators support the continuation of the upward movement.
Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are in bullish territory and continuing to rise.
While a potential bearish divergence could emerge on the RSI, it hasn’t confirmed yet.
Overall, the daily chart remains constructive and points to more upside for SPX, with $1.50 in clear sight.
Possible Top Ahead?
While the recent price action paints a bullish picture, the underlying wave structure tells a more cautious story.
On the six-hour chart, SPX appears to have completed a five-wave move (black) within an ascending wedge, a pattern often associated with exhaustion.
This move may represent the C wave of a larger A-B-C corrective structure (green), raising questions about how much fuel is left in the rally.
With the SPX price currently testing major resistance at $1, the bearish wave count gains credibility.
However, this clashes with the bullish signals coming from indicators like the RSI and MACD, making the short-term outlook uncertain.
Ultimately, whether SPX can break cleanly above the $1 barrier, or instead breaks down from the wedge, will be key to determining the next major move.
Critical Resistance at $1
The SPX price has increased significantly since its March 11 bottom.
While the price has reached an important resistance at $1, the future trend is unclear.
The price action and indicator readings are bullish, but the wave count is bearish.
Whether SPX breaks out above $1 or is rejected will determine whether a new all-time high price or a correction occurs.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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