Market Direction

SPX eyes $1.60 breakout soon

Published: Jan 31, 2025

SPX remains range-bound between $1.00 and $1.60, with declining volume a concern. A pullback to $1.20 is possible before a breakout attempt. Market sentiment remains neutral as traders await the next move.

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.

SPX has performed well in that many other coins have had sizeable pullbacks, where SPX has held between $1.00 and $1.60.
Price has bounced from the lows and the horizontal support of $1.00, and it's now breaching the downtrend line.
It's possible we see SPX pull back, find some support at $1.20, and then have a more substantial breakout from there.
The main horizontal resistance will be at $1.55.
In terms of support, $1.00 to $1.20 is a big zone of support for SPX.
One thing we do note is the downtrending volumes. This is somewhat a cause for concern, but it may also mean the price can shove higher if the volumes really kick up and their bids.

8. A candlestick chart of SPXWETH trading pair on Uniswap, showing trend lines, resistance, support levels, and trading volume

Next Support: $1.20 (then $1.00)
Next Resistance: $1.60
Direction: Neutral
Upside Target: $1.60
Downside Target: $1.00

Cryptonary's take

SPX has been surprisingly strong, particularly when you look at other Memes and other major memes. For price now, we'd like to see a retest of $1.20 and then a breakout higher from there. SPX is in middle territory here, and we're also seeing the downtrending volumes, so it's tricky to call price action here. In the short term, on SPX, we remain neutral rather than bullish or bearish.