- SPX has registered a significant decrease, with important indicators in both the derivative and the spot markets that become negative.
- Chart analysis of SPX -Hints on a possible price rebound.
Memecoin SPX6900 [SPX] has experienced the most important decline on the market, with a loss of around 11%.
Market analysis shows that spot and derived traders have played an important role in this decrease, after sustainable sales – especially in the last 24 hours.
The analysis of Ambcrypto shows that although the downward pressure persists, SPX has a strong long -term rally potential.
Derived statistics confirm SPX Bearish dominance
In recent days there has been a remarkable Bearish trend, because a recent analysis of the Open Interest (OI) was unveiling weighted financing speed.
From writing, the financing percentage weighted by OI has remained negative since 17 June – a movement that was last observed between 15 and 18 April.
Source: Coinglass
A significant decrease in this statistics confirms the Bearish sentiment on the derivative market, because most restless contracts come from short traders who sell it actively.
This suggests that, despite the decrease in open interest – now with 10% to $ 117 million downs, which implies a lower liquidity – Sellers have held their position in the market.
Bullish flag forms – But support must hold
At the time of the press, the trade volume of SPX had fallen by 41.45% to $ 270.92 million in the last 24 hours. A simultaneous decrease in both trade volume and price indicates at weakening momentum.
This weakening suggests that the sales pressure can relieve quickly and that a recoil can be back.
An analysis of the price movement of SPX on the 4-hour chart shows that it acts actively in a bullish flag pattern and is currently in a consolidation phase.
Source: Trade reproduction
Usually an outbreak from this phase leads to an important meeting. The upward striking can occur soon, because the price is currently based on a small level of support within the channel at $ 1.29.
However, if this level does not hold, SPX could fall to the lower limit of the channel – where it can organize a large rebound.
Trying to leave traders, editing busy
Spotmarkt activity indicates that the current level of support – where SPX has made a slight rebound – can be violated soon.
At the time of analysis, more than $ 536,000 had been sold to SPX, so that further downward pressure was added and a potential upward movement threatened.
Source: Coinglass
This action comes in the midst of the decreasing trust in the memecoin, because traders try to obtain a profit or minimize losses.
This is clear in the simultaneous sale and falling price. If this trend continues, SPX will probably re -test the support level of the channel – where a large rally could follow.