The Ethereum-based memecoin SPX is making waves in the crypto market. After plummeting to an all-time low of $0.25 on March 11, it has staged a massive comeback. The token has surged 148% in just 13 days, now trading at $0.62, its highest level in nearly two weeks.
SPX’s Breakout: A Bullish Signal?
SPX’s recovery from record lows has been driven by increased demand. On the daily chart, the memecoin is approaching a bullish breakout, indicated by its movement near the Leading Span A of the Ichimoku Cloud.
This indicator helps traders identify market momentum and support/resistance levels. If SPX successfully breaks above the cloud, it could signal an extended rally.
Rising Open Interest Confirms Market Confidence
Another sign of SPX’s growing momentum is its rising Open Interest (OI), which has climbed 50% since March 11 to $21 million.
📈 Why is this important?
- OI measures the number of unsettled derivative contracts.
- Increasing OI alongside a price surge indicates strong market participation.
- More investors are entering SPX, confirming bullish sentiment.
Can SPX Break the $0.67 Barrier?
SPX is currently holding above an ascending trendline, a pattern that signals continued buying pressure. If this bullish trend remains strong, the price could soon break past $0.67.
However, if traders start taking profits, SPX might see a pullback to $0.40 before attempting another rally.
What’s Next for SPX?
If momentum continues, SPX could target higher resistance levels in the coming weeks. With rising demand and strong market confidence, the memecoin might be on its way to multi-month highs.