The SPX6900 price has surged 200% in the past week after an 8% jump in the last 24 hours to trade at $0.6131 as of 5 a.m. EST on trading volume that skyrocketed 71% to $111.2 million.
The SPX price surged to $0.681 earlier today after an announcement that the token would be listed on MEXC’s Innovation Zone, with trading starting 1 pm UTC today.
🚨#MEXC New Listing Alert!
📈 $SPX/USDT will be listed in the Innovation Zone on 2024-10-10 13:00 (UTC).@spx6900 is a parody memecoin inspired by the iconic S&P 500, the go-to stock market index.
— MEXC (@MEXC_Official) October 10, 2024
The listing brought not only the necessary exposure but also additional legitimacy to the project, and traders rushed in and quickly pumped the SPX6900 price. However, the surge was sudden and rapid, and it was followed by an equally sharp correction.
MEXC describes SPX as a parody meme coin inspired by the iconic S&P 500 stock index.
SPX6900 Price Prediction
As the exchange’s announcement pushed buyers toward SPX, the token blew up, only for the buyers to suddenly start selling in order to take profit. The price crashed back down to where it started, and after a brief readjustment period, it continued to trade sideways.
Now, however, it is seeing an extension of the correction, signaling a strong descent that has already started at the time of writing.
The project’s technical indicators suggest that this continued drop may not be a very harsh one, but that doesn’t change the fact that the price is currently going down.
SPX6900’s Bollinger bands have started expanding again after seeing a major narrowing shortly after the surge, but right now, the price is pushing the lower band deeper down, which is a bearish signal.
Meanwhile, the project’s Relative Strength Index (RSI) value, which sat at the neutral zone, with very minor fluctuations at around the value of 50, started to drop again. The metric is there to show who is more active, the bulls or the bears, and for the moment, it appears that the sellers managed to take over the market.
However, as the RSI continues to drop to the oversold zone starting at the value of 30, it is likely that the buyers will move in to buy the dip once the RSI sinks deep enough. In other words, SPX is currently dropping in value, but it could soon see a recovery throughout the rest of the day.
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