SPX6900 has become one of the big meme coins, with an impressive 30% increase in the last 24 hours, taking its market cap close to $1.3 billion. This rapid rise has pushed SPX’s RSI to its highest level since January 19, indicating strong buying pressure, but it is also approaching overbought levels.
Smart Money Inflows Increase, Generate $35K Net Inflow
In the last 24 hours, one Smart Money address bought $3,104 worth of SPX, while another bought $52,287 worth. Another wallet also sold $20,295. Such buy-sell movements reflect the market’s trends among institutional investors and high-net-worth traders. Buying by Smart Money indicates growing interest in SPX, while selling could indicate a potential shift in sentiment.
RSI and Momentum Status
Following the recent 30% price increase, the SPX6900 has increased its RSI from 43.5 to 66. The RSI is a key indicator of the strength and direction of momentum in the market, indicating strong buying pressure with a value approaching 70. However, if it rises above 70, it could enter overbought territory and pose a potential pullback risk. Currently, the RSI is at 66, indicating that bullish momentum may continue, but caution should be exercised as signs of exhaustion may also be seen at this level.
Gold Crossing and Potential Uptrend
The SPX price is about to form a golden cross, which is a significant bullish signal in the short term. A golden cross of the EMA lines could attract more attention by increasing the power of buyers. If this cross occurs, the SPX could test the resistance at $1.55, and a break above this level could push the price up to $1.8.
Support Levels and Potential Drop
If SPX loses the support at $1.23, the price could drop to $0.96. Such a drop could make SPX less competitive compared to other meme coins. Therefore, investors should be careful and follow the price action closely.
In conclusion, SPX6900 is showing strong momentum and if it breaks the key resistance levels, its price could rise further. However, if it approaches the overbought levels and breaks the support levels, there is a risk of a correction in the short term.