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SPX6900 Surges 30% as Bulls Eye $1.5 Breakout

SPX6900 (SPX) has skyrocketed 30% in the past 24 hours, boosting its market cap to $1.3 billion. This rally has pushed SPX’s RSI to its highest level since January 19, indicating strong buying pressure. However, the token is approaching overbought territory, raising the possibility of a pullback.

Meanwhile, Smart Money inflows reached $35,096, showing rising interest from influential traders. Whether SPX breaks past $1.5 or faces a correction depends on upcoming resistance and support levels.

SPX RSI Nears Overbought Zone

Following its price jump, SPX’s RSI climbed from 43.5 to 66 in a single day. The Relative Strength Index (RSI), a momentum indicator ranging from 0 to 100, helps gauge buying and selling pressure.

SPX RSI. Source: TradingView

Below 30 = Oversold
Above 70 = Overbought

At 66, SPX remains below the overbought zone but signals strong bullish momentum. If RSI crosses 70, SPX could climb higher but may become vulnerable to a pullback. A stable RSI near current levels would indicate sustained bullish strength.

Smart Money Shows Confidence in SPX

Smart Money Who Bought SPX6900 In The Last 24 Hours. Source: Nansen

In the last 24 hours:
🔹 One Smart Money address bought $52,287 worth of SPX.
🔹 Another added $3,104 to its holdings.
🔹 A separate wallet sold $20,295 in SPX.

These transactions suggest institutional traders are betting on SPX’s continued growth. If buying pressure remains high, SPX’s price could rise further. However, a shift in sentiment among Smart Money wallets could signal an impending correction.

Smart Money Who Sold SPX6900 In The Last 24 Hours. Source: Nansen

SPX Price Prediction: Can It Break $1.5?

SPX’s Exponential Moving Averages (EMA) are close to forming a golden cross, a bullish signal that could drive prices higher.

Key Levels to Watch:

$1.55 Resistance: Breaking above could push SPX toward $1.8.
$1.23 Support: A drop below could lead to $0.96.

If momentum holds, SPX could challenge $1.5 soon. However, if buying slows, SPX risks losing ground to meme coin competitors like FARTCOIN, FLOKI, and WIF.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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