10% Rally for SPX6900 (SPX): Will Momentum Build Toward a $0.40 Test?

• SPX6900 has gained by over 10%, trading at $0.35.
• SPX’s trading volume has soared by more than 93%.

A brief spike in the crypto market has resulted in a green wave across the assets. But the broader sentiment is bearish and fearful, with the prices losing momentum. The largest asset, Bitcoin (BTC), is hovering at $67.7K, while the largest altcoin, Ethereum (ETH), trades at $1.9K. Within the altcoin pack, SPX6900 (SPX) has posted a 10.81% gain over the last 24 hours. 

In the morning hours, the asset traded at a low of $0.3185. Eventually, with the bullish pressure in the SPX market, the price mounted toward a high of $0.3735. It has tested a series of crucial resistance zones between $0.3195 and $0.3725. As per CMC data, SPX6900 currently trades at $0.3537, and the trading volume is up by over 93.10% to the $20.35 million range.

The price action of SPX6900 could climb high to hit a resistance at around $0.3621. A sturdy upside pressure might trigger the emergence of the golden cross, and it likely leads the asset’s price toward the $0.37 range. On the downside, if the bears entered back, the SPX6900 chart might turn red, and that would make the price retrace to the support at $0.3457. With a powerful bearish correction, the death cross could take place, sending the price below $0.33.

Bullish Signals Emerge Across SPX6900’s Key Indicators

SPX6900’s Moving Average Convergence Divergence (MACD) line is found above the signal line, implying bullish momentum. With this crossover, the short-term price momentum is stronger than the recent average momentum. The trend may continue upward if the momentum sustains. 

SPX chart (Source: TradingView)

Besides, the Chaikin Money Flow (CMF) indicator at 0.01 exhibits a mild buying pressure in the SPX market. As the value is slightly above zero, there is a brief capital inflow, with weak strength. Notably, the trend is neutral to slightly bullish, with no strong conviction from buyers.

The daily Relative Strength Index (RSI) of SPX6900 is at 72.26, indicating its overbought condition. There is a strong uptrend, but the risk of a short-term pullback or consolidation is high. Furthermore, SPX’s Bull Bear Power (BBP) reading of 0.0474 suggests moderate bullish dominance. The higher the positive value, the stronger the buying pressure. Also, the ongoing momentum favours the upside, but not excessively.

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