SPX6900 (SPX) price has surged 27% in the last 24 hours, recovering the $1 billion market cap threshold and securing its position as the 10th largest meme coin, just ahead of FARTCOIN.

While the price shows potential to rise to $1.64, key resistance and support levels remain crucial in determining the next move. If momentum falters, SPX could see a sharp correction, potentially testing $0.93, $0.81, or even as low as $0.61.

SPX Ichimoku Cloud Shows a Mixed Setup

The Ichimoku Cloud chart for SPX shows a mixed setup, with the price currently trading near the green Kumo (cloud). The cloud, formed by the Senkou Span A (green line) and Senkou Span B (red line), reflects a neutral-to-bullish outlook as Span A is slightly above Span B.

This configuration indicates a potential shift in momentum, but the cloud’s thin nature suggests limited support or resistance strength, making the price susceptible to volatility.

The blue Kijun-Sen (baseline) is now below the price, signaling an improved short-term momentum, while the orange Tenkan-Sen (conversion line) is also trending upward, further confirming this momentum shift.

The lagging span (green line), however, is still trailing below the price and cloud, highlighting that SPX is not yet in fully bullish territory. For a stronger bullish signal, the price would need to break above the red cloud entirely, aligning all Ichimoku lines in a more supportive configuration.

SPX BBTrend Has Been Strongly Negative For The Past 2 Days

SPX’s BBTrend is currently at -32.3 and has remained in negative territory since January 10, staying below -30 for the past two days. This prolonged negative BBTrend reflects bearish momentum, even as SPX has experienced a sharp price increase of nearly 27% in the last 24 hours, placing it as the 10th biggest

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Author: Tiago Amaral