SPX6900 MemeCoin Eyes $1 Recovery After Technical Breakout and Open Interest Surge

SPX6900 (SPX), the trending memecoin, saw a slight pullback on Monday following last week’s 13% surge. Despite the short-term dip, SPX is still up over 6% in the last 24 hours, hovering just under the crucial $1 mark. Technical signals, including a recent EMA golden cross, a bullish pattern breakout, and soaring open interest, suggest the uptrend may continue.

SPX has broken above a classic rounding bottom pattern, with price action reflecting strong bullish momentum through April and May. After gaining 25% in April, the memecoin followed up with a staggering 80% rally in May. The daily chart highlights a breakout above the neckline between $0.89 and $0.94, confirming the reversal.

Following the breakout, SPX reached a local high of $1.22 before pulling back toward $0.92, which aligns with the 50% Fibonacci retracement level drawn from the January high of $1.55 to the March low of $0.29. This zone, acting as both horizontal and Fibonacci support, increases the odds of a bullish rebound.

However, the Relative Strength Index (RSI) has started to retrace from the overbought zone, currently sitting at 60. This points to a cooling in bullish momentum, though not a complete reversal. The 50-day and 200-day Exponential Moving Averages (EMA) formed a golden cross over the weekend, confirming that SPX’s short-term rally has overtaken its long-term downtrend.

With long-tailed candles forming on the weekend’s daily charts, SPX appears poised for a potential continuation rally, as price retests the breakout zone. Should the bulls push SPX beyond the immediate resistance at $1.28, coinciding with the 78.6% Fibonacci level, a stronger bullish wave could unfold.

Still, a daily close below $0.90 would invalidate the current breakout and open the door for a drop to the 23.6% Fibonacci level at $0.59. As such, traders are watching closely for either a break above $1 or a confirmed dip under $0.90 before entering new positions.

Open interest in SPX6900 is also rising sharply, adding to the bullish case. Coinglass reports a 10% jump in open interest, bringing the total to $68.22 million. This spike in derivative activity reflects growing enthusiasm from traders. The OI-weighted funding rate holds steady at 0.0059%, maintaining a positive bias in the market.

Trading volume has increased by 13.47%, now totaling $145 million over the last 24 hours. Despite bullish expectations, liquidation data shows $74.88K in long positions wiped out, compared to $54.85K in shorts. The long/short ratio stands at 0.9881, indicating a slightly higher number of short positions in play.

In summary, while short-term momentum has slowed slightly, the broader technical setup and surge in open interest signal potential for SPX6900 to reclaim the $1 level and push higher in the near term.