SPX6900 (SPX) has seen an impressive surge of nearly 30% in the past 24 hours, bringing its market cap to around $1.3 billion and establishing itself as a major player in the meme coin space. This rapid growth has also driven SPX’s Relative Strength Index (RSI) to its highest point since January 19, indicating strong buying activity but nearing overbought levels.
Recent data on Smart Money movements reveals a net inflow of $35,096 into SPX, hinting at increased interest from influential traders. The next phase for SPX, whether it continues its upward momentum towards $1.8 or encounters a correction, hinges on crucial resistance and support levels in the upcoming days.
SPX's RSI has climbed from 43.5 to 66 in just one day, following the notable price surge. This places SPX among the top meme coins in the market. The RSI serves as a key momentum gauge, with higher readings suggesting bullish momentum and lower readings indicating potential corrections in price.
Maintaining an RSI level of 66 currently, SPX is displaying strong buying pressure without yet surpassing the overbought threshold of 70. Traders are eyeing this level closely for signs of exhaustion or further price appreciation.
Recent Smart Money activity showcases significant inflows into SPX, with one address acquiring $3,104 and another purchasing $52,287. Concurrently, a Smart Money address sold $20,295 worth of SPX. These movements hold weight as Smart Money participants often lead market sentiment and direction.
The trend of increasing Smart Money interest in SPX suggests a bullish outlook, with buying volume surpassing selling volume. A continued uptrend in interest from key players could drive further price gains, while a shift in sentiment among Smart Money wallets might signal a potential reversal.
Looking ahead, SPX’s price chart indicates the potential formation of a bullish golden cross between its Exponential Moving Average (EMA) lines. A successful crossover could propel SPX towards testing resistance at $1.55, with a breakout signaling a move towards $1.8.
The upcoming sessions will be critical in determining whether SPX can maintain its positive momentum or if a retreat to support levels near $1.23 is likely. In a downside scenario, breaching this support could trigger additional selling pressure, potentially driving SPX towards $0.96 and jeopardizing its meme coin status among competitors like FARTCOIN, FLOKI, and WIF.