SPX6900 Price Analysis

• SPX6900 dropped 40% from $1.63 peak to $1.04, with a 20% decline in the last 24 hours due to whale profit-taking.

• Price breaks below the 50-day EMA with bearish MACD divergence and RSI falling to 42.99 from overbought levels.

SPX6900 is experiencing a significant technical correction, highlighted by a 20% price drop over the last 24 hours, indicating profit-taking by whales. Santiment data reveals high whale activity among altcoins for SPX, which was a top performer recently. The current decrease is from its peak of $1.63, showcasing whales booking profits.

The price action of this meme token exhibits typical exhaustion signs after a parabolic rise that began in early May. SPX6900 is falling below key support levels, currently priced around $1.04 after reaching $1.70 in mid-June, a 40% decline from recent highs.

Analysis of the Exponential Moving Average (EMA) shows that SPX has fallen below the 50-day EMA level, suggesting potential bearish momentum. However, it still retains a psychological support level at $1.00 and a longer-term support at the 200-day EMA of $0.831.

At present, according to CMC data, SPX trades at $1.066, reflecting an intraday drop of 20%, indicative of a steep price correction. Daily trading volume has surged by 62%, now at $104.75.

What’s Next for SPX6900 Price?

Source: Tradingview

The MACD indicator reveals alarming bearish divergence; the MACD line (-0.06112440) crosses below the signal line, with the histogram showing an increase in negative momentum. This technical setup typically precedes further downward movement.

The chart indicates extreme selling pressure tracked by the RSI, now at 42.99, down from overbought levels above 70 during the rally. The RSI dipping below 50 signifies that bears have taken control of the short-term trend.

Increased seller presence is evidenced through heightened volume in recent sessions, indicating institutional or whale selling rather than retail panic. Former support levels at $1.00 and $0.83 could serve as downside targets if the correction continues.

Overall, the 250% rally of SPX6900 from May lows to June highs was likely unsustainable, making the ongoing correction appear healthy. Currently, SPX is approximately 40% below its recent peak, which aligns with standard meme coin correction trends.

Key resistance levels to monitor are $1.06 and $1.40, while support is at $1.00 and $0.83. Traders are advised to watch the price’s ability to remain above $0.80 to prevent further technical breakdowns toward lower support levels.