The memecoin SPX6900 surged over 12% in 24 hours, rebounding from a correction that ended at the $0.30 support zone. Its daily trading volume jumped 86% to approximately $11.34 million, fueled by social media buzz and significant leveraged long positions. A technical breakout suggests a potential move toward $0.70, though failure to breach $0.40 could see a retest of lower support levels.
The memecoin SPX6900 [SPX] was among the best-performing assets in its sector, gaining over 12% in the past day. This rebound followed a correction that appears to have ended after the price bounced off the $0.30 zone.
Social media buzz played a significant role in increasing trading activity. This resulted in the daily trading volume jumping by 86%, reaching approximately $11.34 million.
Crypto Insights reported SPX was the most trending memecoin on Binance Square in the past 24 hours. Other notable trending memecoins included Pudgy Penguins [PENGU], Mogcoin [MOG], and TURBO.
Traders were taking more leveraged long positions than shorts. Data from CoinGlass showed cumulative long liquidation leverage at $2.70 million, nearly triple the value of shorts.
Most buy orders were placed between the $0.27 and $0.30 zones, with the highest liquidation leverage at $0.27. Leveraged shorts accounted for approximately $962,000, indicating weaker sell pressure.
On the charts, the price broke above the neckline of an inverted head-and-shoulders pattern at $0.34. The memecoin was approaching the resistance level at $0.38 at the time of reporting.
Technical indicators like the On-Balance Volume (OBV) were rising over the past two days. The Moving Average Convergence Divergence (MACD) bars were also growing following a signal line crossover.
A break above the $0.40 level could shift the market structure toward a target of $0.70. Otherwise, failure to breach $0.40 may take the SPX price back to the $0.26 support zone.
