Market Direction

Will $0.50 support hold for SPX?

Published: Nov 15, 2024

SPX continues its downtrend, losing $0.75 and $0.65 support levels. Buyers may step in around $0.50-$0.55. Will $SPX stabilize, or is more downside ahead?

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 broke below its main uptrend line, and now it's had a trend continuation with its downtrend.
Unfortunately, the support levels of $0.75 and then $0.65 were both lost. However, the $0.50 to $0.60 area has been a good area of support now, each time it's been tested.
We can notice that there was increased volume over the last few days. However, this hasn't helped the price run more considerably to the upside, and the price is back down close to its low.
It's possible that if the price visits $0.50 to $0.55 (a deviation below the lows), we might see bidders step in at those levels.

9. SPX price trend on a 4-hour chart with support at $0.50, showing a breakdown of key support levels and buyer activity.

Next Support: $0.50 - $0.55
Next Resistance: $0.65
Direction: Neutral/Bearish
Upside Target: $0.75
Downside Target: $0.50

Cryptonary's take

Charting-wise, it doesn't look great here. We've had other memes run more and hold up at higher price ranges (WIF, POPCAT), but SPX is back close to its lows. However, it's possible the area beneath the lows (so $0.50 to $0.55) might see longer-term bidders step in, as that's where the volume came in 48 hours ago. For those holding SPX as a company (Cryptonary), we believe in it as a long-term play, so for that reason, we're not looking to sell Spot bags here.