Resistance Test and Potential Pullback The SPX/USDT pair is encountering a strong resistance zone near $1.55, suggesting the possibility of a pullback toward its trendline support at $1.15. This move could present an opportunity to evaluate the market's next steps and assess the strength of the ongoing bullish trend.
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Key Levels to Watch
Resistance Levels
$1.48 - $1.55: A critical resistance zone where the price has stalled, signaling potential selling pressure.
Support Levels
$1.15: A key trendline support level that could act as a base for a continuation of the bullish momentum.
$0.83: A deeper support level to monitor in case of a sustained breakdown below the trendline.
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Market Outlook
If the $1.15 trendline support holds, SPX/USDT could resume its bullish trajectory. Traders should look for confirmation signals, such as a strong rebound or an increase in trading volume at this level, to validate the continuation of upward momentum.
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Final Thoughts
The SPX/USDT pair is at a crucial juncture, with resistance at $1.55 defining the short-term ceiling and trendline support at $1.15 serving as the immediate floor. Traders are advised to remain cautious and monitor price action closely for confirmation of the next move. A successful retest of the trendline could indicate further upside potential, while a break below may shift the market sentiment to bearish.
