SPX6900 (SPX) Soars 27%, Recovers $1 Billion Market Cap Despite Bearish Indicators

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.

SPX Ichimoku Cloud. Source: TradingView

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 meme coin.

The negative reading indicates that the broader trend remains weak despite the recent rally, suggesting caution for traders looking for sustained upward movement.

SPX BBTrend. Source: TradingView

The BBTrend, or Bollinger Band Trend, measures price deviations relative to its Bollinger Bands, providing insights into trend strength and direction. Negative values typically indicate bearish conditions, while positive values suggest bullish trends. With SPX’s BBTrend at -32.3, the current reading emphasizes that the asset is still in a bearish zone.

This implies that, despite the recent price surge, the market lacks strong underlying momentum to confirm a lasting trend reversal, and SPX could face potential pullbacks if buying pressure diminishes.

SPX Price Prediction: Will SPX Drop Below $1 Soon?

If the uptrend continues, SPX price could rise to $1.64, offering a potential 37.8% upside. That could be driven if the narrative around meme coins recovers its strength. This target aligns with the bullish momentum seen in recent price action. However, sustaining this trend would require stronger confirmation from key indicators.

However, the Ichimoku Cloud and BBTrend both suggest that the current uptrend may not be fully sustainable, signaling caution for traders banking on further gains.

SPX Price Analysis. Source: TradingView

If the uptrend reverses, SPX could retest the support at $0.93, a critical level that has been held in previous sessions.

Should this level fail, the price could drop further to $0.81, possibly making SPX lose its position among the biggest meme coins to FARTCOIN. A deeper correction could potentially bring SPX down to $0.61, representing a 48.7% decline from current levels.