Market Direction

SPX6900 testing $0.75 to $0.95 range

Published: Oct 28, 2024

SPX6900 shows strong support at $0.75 with an eye on $0.95 resistance. BTC’s performance could shape the next move for SPX’s breakout potential.

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.

Price revisited the Yellow Buy Box but it wasn't there for long. Price has since had a really nice bounce and ground higher.
Price has found support above $0.75 and used that horizontal level a number of times now as support, and the price has responded which is great to see.
Beneath $0.75, $0.65 to $0.68 is likely the level.
Now, to the upside, $0.90 and then $0.95 are the levels. Beyond that, $1.00 is a psychological level. But, if the price can get above that level and settle there, that would be extremely positive.
One aspect that might worry us here is that the volumes are becoming lighter, but that is also somewhat to be expected.

9. Chart on Uniswap showing SPX-WETH price with support, resistance levels, trendlines, and consolidation zone for possible trading setups.

Next Support: $0.75
Next Resistance: $0.95
Direction: Neutral
Upside Target: $0.95
Downside Target: $0.75

Cryptonary's take

A really nice grind higher from SPX over the last week, and if BTC can break out, then that might be the push that SPX needs to break out above its all-time highs. However, if not, then SPX might revisit the $0.68 to $0.75 area.

Currently, I (Tom) am not sure about the price direction, as I think these next moves are probably more based on what BTC does, with BTC being towards the top of its range and needing a break out to likely give that oxygen to the rest of the space to also break out.