Market Direction

SPX6900 consolidates between $0.58-$0.75

Published: Oct 22, 2024

SPX6900 faces key levels with $0.58 as support and $0.75 as resistance. Will it rally or consolidate further? Explore the latest forecast and outlook.

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.

Note that the SPX chart is in a 4-hour timeframe view.
Price broke out of the main downtrend line, which saw the price shoot up to close to $0.90.
Price has since pulled back following a really nice bounce play and has now closed below the horizontal line of $0.75.
Price seems to be comfortable in the range between $0.58 and $0.75, so we'd expect price to be range bound in this area over the coming days.
To the upside, the price will need to reclaim $0.75, and then the main resistance is at $0.90.
On the downside, $0.48 to $0.58 seems to be the range in which buyers step back.
One thing we do take note of is the down trending volumes. However, this is to be expected as the top amount of hype is potentially past us in the short term.

9. A trading chart showing SPXs price movement, indicating range-bound behavior between key support and resistance levels in October.v

Next Support: $0.58
Next Resistance: $0.75
Direction: Neutral/Bearish
Upside Target: $0.90
Downside Target: $0.48

Cryptonary's take

Price action has been crazy and it's a very volatile play, which in meme's we like. For now, price looks somewhat bearish, and we'd expect $0.48 to $0.55 to be retested again at some point in the coming weeks (sorry guys).

For those that are in Spot positions, we'd suggest remaining in Spot and riding out the coming weeks, we'll reassess again in the next market Direction.