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Will SPX hold $0.56 support?

Published: Feb 26, 2025
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SPX is approaching a critical level, with price action signalling potential downside risks. As volume declines and resistance holds strong, will support break, or can buyers step in? Let’s dive into the latest market developments.

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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:

  • Really interesting setup, this is moving closer to the crunch point.
  • SPX has held the $0.56 level for a long time now. This is likely the 'line-in-the-sand' level. If the price loses this support, we'd expect a much deeper correction to be likely.
  • The price did attempt to break out of the main downtrend line, however, the price was pretty immediately rejected at the horizontal level of $0.76. Price has since pulled back and it's now at the horizontal support of $0.56.
  • Generally, volumes are declining as well, which is a negative sign.
  • If $0.56 is lost as a major support, it's possible that over the following weeks, that price can move back to $0.24.
  • If the price can bounce from $0.56 (we're not expecting it to), then $0.76 is likely to be a local top again, where we expect the price to be rejected from there.
5. A daily chart of SPXWETH on Uniswap. Price is testing 0.56 support, with a bearish trend. Volume shows declining interest. RSI remains weak.
  • Next Support: $0.56
  • Next Resistance: $0.76
  • Direction: Bearish
  • Upside Target: $0.76
  • Downside Target: $0.24
Don’t miss the latest SPX6900 (SPX)price prediction—explore our insights to stay ahead in the crypto market.

Cryptonary's take

SPX doesn't look great here. In the coming days/week, we wouldn't be surprised to see SPX break below its main horizontal support of $0.56. This would be a break in structure and it would be hard to be bullish on SPX after that.

We believe we were very right in our calls to de-risk SPX well above $1.00. In the short term, we think a breakdown is the most likely outcome.

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