Market Direction

SPX aims for $1.00 soon

Published: Dec 16, 2024

As SPX breaks through key resistance levels, bullish momentum builds in the crypto market. Let's dive into SPX's impressive breakout and explore what might be next.

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

This chart looks mega, which is probably one of the best ones out there. And, before you ask, no, I am not personally (Tom) positioned. And I'm not sure why.
SPX has cleanly broken above its main red downtrend line, and whilst it has found resistance to the horizontal levels of $0.72 to $0.75, the price is now seemingly above those levels and is looking to push considerably higher.
We're expecting the price to push on to $0.90 and $1.00 in the coming 1-2 weeks.
In terms of support, we wouldn't want the price to lose the $0.68 to $0.72 zone.

9. SPX-WETH chart shows breakout above downtrend line, key resistance at 0.7751, with support levels at 0.7230 and 0.5907, increasing volume.

Next Support: $0.68 to $0.72
Next Resistance: $0.90 (then $1.00)
Direction: Bullish
Upside Target: $1.00
Downside Target: $0.68

Cryptonary's take

There's no need to continue rambling on much more here. Simply put, this chart looks great and looks programmed for further upside in the short term. We expect $0.90 to $1.00 quite soon.