- SPX has surged by 61.5% over the past week.
- SPX6900 bulls dominate the market as they eye a sustained rally.
Over the past day, SPX6900’s [SPX] has made a strong upswing on its price charts.
During this period, the memecoin surged from $0.52 to $0.64, reflecting a 21.07% daily increase. Simultaneously, SPX6900 experienced growth in both trading volume and Open Interest (OI).
The memecoin’s trading volume surged by 143.16%, reaching $113.91 million, while OI rose 23.53% to $25 million. On weekly charts, SPX recorded an impressive 61.50% gain. The recent price increase, coupled with rising volume and OI, highlights strong demand for the memecoin.
The key question remains: can SPX maintain these gains and attempt to break higher resistance levels?
Can SPX6900 sustain the gains to rally?
According to AMBCrypto’s analysis, SPX6900 was experiencing strong demand as an upward momentum strengthened.
For starters, this strong market demand can be seen through the rising Relative Strength Index (RSI).
At press time, the memecoin’s RSI surged from 38 to 61 at press time. Such a sustained rise in RSI suggests that buyers are strongly in control of the market. Often, when buyers dominate the market, an asset tends to make more gains.
Source: TradingView
The potential movement is supported by a consistent rise in RVGI over the past five days. A sustained RVGI increase indicates strong upward momentum in an asset, with gains outweighing losses.
This suggests robust bullish sentiment among market participants.
Source: Santiment
Looking further, SPX6900’s bullishness is evidenced by a declining Exchange Flow Balance.
According to Santiment data, the flow to exchange balance has dropped to -23.6k. When this drops to negative territory, it reflects strong accumulation.
As such, there are more buyers in the market than sellers, with more exchange outflows than inflows.
Source: Coinalyze
The positive Aggregated Funding Rate confirms bullish sentiment among investors. A positive rate indicates that most investors are taking long positions and are willing to pay a premium to shorts during downturns to maintain their trades.
his behavior reflects strong market confidence as investors anticipate further price gains.
In summary, SPX6900 was experiencing robust bullish momentum. Investors expect the current trend to continue, driven by strong demand and growing upward momentum.
If these conditions persist, SPX is likely to reclaim $0.67. However, if buyers fail to sustain the push, a correction could see SPX retrace to $0.54.
