SPX6900 reclaims $1 with organic demand: what’s next for SPX price?

SPX6900 (SPX) exhibits robust bullishness as the broad crypto market consolidated after the latest bull run. SPX has reclaimed the psychological price mark of $1 today after rebounding from the support barrier at $0.83 early this week. The altcoin touched $1.02 today, up 35% and 10% in the past seven days and 24 hours, respectively. However, the question remains. Does SPX boast adequate steam to push further? SPX6900 rallies with buy-side momentum The altcoin’s daily trading volume jumped 90% as it regained $1, signaling renewed investor and trader interest in SPX. Technical indicators signal surged accumulation accompanying the alt’s recovery. For instance, the Chaikin Money Flow has climbed from -0.04 in mid-May to +0.06 at press time. Source – TradingView Such trends confirm continued asset purchases, indicating organic demand behind SPX6900’s ongoing recovery. Moreover, Coinalyze data shows buyers accumulated 1.27 million tokens in the past day, with 506,000 positive Delta. The dynamic shift in exchange activity also supports the changing trend. SPX’s earlier recoveries halted as sellers dominated trading platforms with positive net flow. Now, exchange net flows have been in the negative region for three successive days, reading -$620 at press time, indicating outflows outpacing inflows. That signals heightened demand as withdrawals from the market outshine deposits. Coinglass statistics support the upside bias. SPX’s Open Interest jumped 35% to $69.41 million. That shows traders executing new long positions as they anticipated extended gains. Amplified spot demand, exchange outflows, and dominant long positions confirm stable price actions, not hype-driven recoveries. The bullish crossover between the SPX price and the Relative Strength Index demonstrates buyer resurgence. SPX’s current price action The alt trades at $1.01 with a massive upside momentum supported by organic demand. Chart by Coinmarketcap SPX6900 has validated its recovery catalysts in the past 24 hours. Continued demand will help SPX hold above $1 and target $1.3. That would translate to a nearly 30% surge from the altcoin’s current market price. Such trends could propel SPX6900 to the January 19 peak of $1.8. Nevertheless, SPX hovers at a key juncture. It has gained over 70% this month after stable uptrends from the 8 May low of $04824. The massive returns will likely attract profit-taking. That could postpone SPX6900’s anticipated surges in the near term. The Relative Strength Index reads 70, highlighting overbought conditions. Possible profit booking could catalyze corrections to $0.9073. Losing the $0.8 barrier will invalidate SPX’s short-term recoveries. Broad market developments will also shape SPX6900’s trajectory in the upcoming sessions. Bitcoin hovers at $108,359 and should close above $110K for continued gains in the short term. Renowned analyst Ali Martinez highlighted that Bitcoin hasn’t topped, suggesting more gains. He stated: Bitcoin (BTC) traders are currently sitting on 27% average profits. Historically, things start to look toppy once profits exceed 40%. Source – Ali on X Thus, Bitcoin could rally further before potential profit-taking materializes. Such trends will support SPX6900’s anticipated surges. The post SPX6900 reclaims $1 with organic demand: what’s next for SPX price? appeared first on Invezz

Source: Invezz