Market Direction

SPX holding firm at $0.56 support

Published: Feb 20, 2025

SPX remains stronger than most meme coins, testing resistance while others fight for support. With low volume and key breakout levels ahead, what’s next for SPX and the broader market? Let’s dive into the charts.

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:

So far, SPX has done well to hold the $0.56 level and the price has bounced twice from there.
Price is now moving into the horizontal resistance of $0.76 and the main downtrend line. It's possible that SPX might buck the trend (of memes) and break out to the upside here.
However, we do note declining volumes, and that'll need to pick up to see a more sustained break most likely.
If the price does break out, the key level we'll be watching is $0.92, but call it $0.90 to $1.00. If the price were to reach this level ($1b MCap), SPX would look attractive as a Short opportunity.

4. SPXUSDT daily candlestick chart showing price retesting resistance near $0.76, with volume declining and key support at $0.56.

Next Support: $0.56
Next Resistance: $0.76 ($0.92)
Direction: Neutral/Bullish
Upside Target: $0.92
Downside Target: $0.56

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Cryptonary's take

SPX is still holding a relatively high MCap and its chart is looking far better than most. With the price squeezing into the downtrend line and the horizontal resistance of $0.76, it'll be tricky for the price to break out, but if it does, that might set up $0.90 to $1.00 as the target.

With the macro still shakey, a $0.90 to $1.00 SPX price (and note that $1.00 is a horizontal resistance) might set up an attractive Short opportunity. For now, we'll wait and see if our thesis plays out, and we may look to pull the trigger at $0.90 if the price gets there.