SPX6900 (SPX) Approaches Key Resistance – Is a Bullish Breakout on Horizon?

Date: Thu, June 05, 2025 | 01:10 PM GMT

The cryptocurrency market has staged an impressive rebound this quarter, with Ethereum (ETH) leading the charge. After climbing over 44% in Q2, ETH is now trading above $2,600, having recently touched a high of $2,700 — a level last seen in February. This renewed momentum is sparking fresh interest across memecoins , including the rising star SPX6900 (SPX).

SPX has delivered a stunning 160% gain over the last 60 days, quickly becoming one of the most-watched tokens in the memecoin space. Now, a key bullish structure forming on the lower timeframes may be signaling the next leg higher — if buyers can push past a critical resistance.

Source: Coinmarketcap

Approaches Key Resistance

Zooming into the 2-hour chart, SPX is showing signs of forming a classic Cup and Handle pattern — a well-known bullish continuation formation that often indicates the potential for further upside. The “cup” shape began taking form after a sharp drop from around $1.24 on May 29, followed by a gradual recovery that rounded out near the $0.9168 level on June 1.

Since then, SPX has been steadily climbing, reclaiming ground and pressing up against the neckline resistance zone between $1.19 and $1.24. A brief pullback took place, forming the “handle” portion of the pattern, with SPX dipping to a local low around $1.09 before rebounding. This kind of healthy consolidation is typical of a textbook Handle formation.

At the time of writing, SPX is trading near $1.21 and appears to be making another attempt to break through the neckline resistance. If bulls can generate enough momentum, this could lead to a significant breakout.

What’s Next for SPX?

A confirmed breakout above the $1.24 neckline — especially one supported by strong volume and a successful retest of the breakout level — would validate the Cup and Handle pattern and potentially set SPX up for a powerful rally. Based on the pattern’s structure, the projected target lies around $1.56, suggesting a potential 27% upside from current levels.

Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.