SPX6900 up 11% amid ‘ETH meme season’ buzz: Can SPX break $0.38?

SPX6900 [SPX] was among the best-performing memecoins, with the price gaining over 12% in the past 24 hours.

The memecoin has had an unrealized profit of 47% since the beginning of April, but entered into a correction two days ago. This correction seems to have ended, as the price bounced off the $0.30 zone.

What are key drivers of SPX price?

The bounce-off resulted in double-digit gains, with social media buzz playing a huge role in increasing trading activity. As a result, the daily trading volume jumped by 86%, reaching $11.34 million at press time.

As per Crypto Insights, SPX was the most trending memecoin in the past 24 hours on Binance Square. Other memecoins in this sector are Pudgy Penguins [PENGU], Mogcoin [MOG], and TURBO.

Additionally, there was a potential ‘ETH meme season’ attracting speculative capital. Sustaining this social buzz may result in rallies in other Ethereum [ETH] memecoins like Pepe [PEPE].

Moreover, traders were taking more leveraged long positions than shorts. As per CoinGlass, the cumulative long liquidation leverage was $2.70 million, almost 3x the value of shorts.

Most of these buy orders were placed between the $0.27 and $0.30 zones, where the correction ended. The highest liquidation leverage was at $0.27.

On the other hand, the leveraged shorts accounted for $962K, indicating weak sell pressure. In fact, the leverage past $0.38 had been reduced to 10x and 5x magnitudes.

Is SPX6900’s correction over?

On the charts, SPX6900 price had been bullish since the month started, with market structure creating higher highs and lows. However, this uptrend was overturned at $0.38, with sellers pushing the price down to $0.30.

The correction ended at $0.30, with a break above the neckline of the inverted head-and-shoulders at $0.34. As of press time, the memecoin was approaching the resistance level at $0.38, having recovered more than 90% from the correction.

In support of this uptrend was the On-Balance Volume (OBV) at 371 million, which was rising over the past two days. Moreover, the MACD bars were growing following the signal lines’ crossover.

Altogether, the memecoin price remained in a bigger sideways market.

Therefore, breaking above $0.40 would shift the market bullish, putting $0.70 as a target. Otherwise, failure to breach $0.40 would take the SPX price back to the $0.26 zone.

Final Summary

• SPX6900 [SPX] rebounded from $0.30, with volume rising 86% to $11.34M and long leverage reaching $2.70M
• A break above $0.40 could push SPX toward $0.70, while failure may drop the price back to $0.26 support.