Market Direction

SPX’s 50% bounce highlights $0.75

Published: Nov 29, 2024

SPX consolidates above $0.60 after a strong 50% rally, targeting $0.75 resistance. Holding this level could signal a new uptrend.

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.

A great bounce from the lows and exactly what we were looking for and called for.
Price found support between $0.45 and $0.50 as we had predicted, and once $0.50 was reclaimed, price broke out to the upside.
The price then moved into the $ 0.70s, but it has since pulled back. This is to be expected after a 50% move to the upside.
To the upside, $0.75 is the key horizontal level to reclaim.
We're now looking to see SPX hold above $0.60 (a prior horizontal resistance), hopefully now flipped into new support.

9. SPX price analysis chart highlighting support at 0.60, resistance at 0.75, and recent breakout levels above 0.50.

Next Support: $0.60
Next Resistance: $0.75
Direction: Bullish
Upside Target: $0.75
Downside Target: $0.60

Cryptonary's take

It was a really positive move by SPX, and now, 2 months on from the major run-up, we've probably seen large holders taking some profits, and that is now potentially behind us.

We're now looking for SPX to consolidate this move high, preferably above the $0.60 area, and we think we can see that. If SPX can do that, then we can potentially see the start of a new and sustained uptrend.