The Ethereum-based memecoin SPX is today’s top gainer. Its price is up 20% over the past day, and the altcoin currently trades at a 13-day high of $0.62.
SPX’s current surge follows a recent dip to an all-time low of $0.25. With growing bullish momentum, the altcoin is set to recover recent losses and climb to multi-month highs.
SPX6900 Skyrockets 148% in 13 Days After Hitting an All-Time Low
SPX plummeted to an all-time low of $0.25 on March 11, creating a buying opportunity that investors quickly seized.
As demand surged, the token staged a strong recovery, climbing steadily over the 13 days. At press time, the altcoin trades at $0.61, climbing 148% during that period.
On the daily chart, SPX is poised to break above the Leading Span A (green line) of its Ichimoku Cloud indicator, a trend that reflects the spike in demand for the meme coin.
The Ichimoku Cloud tracks the momentum of an asset’s market trends and identifies potential support/resistance levels. Its Leading Span A represents the midpoint between the Conversion Line (Tenkan-sen) and the Base Line (Kijun-sen), helping traders identify potential support and resistance levels.
When an asset’s price attempts to climb above this line, it signals a bullish shift in market trends. Therefore, a potential SPX’s price breakout above the cloud confirms the growing bullish pressure in the market and hints at an extended price rally.
Furthermore, SPX’s rising Open Interest (OI) supports this bullish outlook. This currently sits at $21 million, increasing by 50% since the token staged a comeback from its all-time low on March 11.
OI tracks the total number of outstanding derivative contracts, such as futures or options, that have not been settled. When it climbs alongside an asset’s price, it indicates strong market participation.
This confirms the strength of SPX’s current trend, suggesting that new money is entering the market to support its price movement.
SPX Holds Strong Above Ascending Trendline—Can It Break Through $0.67?
Since the rally began, SPX has traded above an ascending trend line. This bullish pattern is formed when an asset’s price consistently makes higher lows, indicating a steady upward trajectory.
It signals strong buying pressure and serves as a support level, suggesting that SPX is in a bullish trend. If this continues, its price could break above the Leading Span A to reach $0.67.
However, a resurgence in profit-taking activity could invalidate this bearish outlook. In that scenario, the altcoin’s price could plummet to $0.40.
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