- SPX6900 At do or die situation, as bears and bulls are fighting to grab price control.
- Bears have a slight edge as the price dropped by 12% in the last 24 hours.
SPX6900 is at a critical stage with bulls and bears fighting fiercely over the resistance obstacle of $1.70. The cryptocurrency offers a mild bearish outlook, even though it has managed to stay above the major moving averages, which indicates the constant struggle between market forces. As per CMC data, SPX price is currently trading at $1.176 with an intraday drop of $12% suggesting the fight between bulls and bears at peak.
The asset is still trading above its 50-day EMA at $1.1131 and 200-day EMA at $0.8684, which means that the underlying trend is positive. However, bears have created a formidable defensive position at the resistance level of $1.7345, and they have rejected the price advances multiple times and have not allowed the bullish momentum to take roots. This opposition has been very tough, and previous efforts to crack this stage have been met with withdrawals.
What’s Next For SPX6900 Price?
The RSI is at a neutral 48.05, and it is below its 14-period SMA line, meaning that it is neither overbought nor oversold. This medium-level reading shows equilibrium between the buying and selling pressure, which supports the indecisive character of the existing market structure.
In the meantime, the MACD is still above the zero line, yet it is struggling and is producing neutral signals that should be closely observed. In case the MACD drops below the zero line, it would be a sign that bears are starting to take the momentum stage.
SPX has two strong supports at two levels. The first support is at $1.1131, and the second support is at $.8684. The levels have been sources of buying interest in the past and may act as launching pads to new bullish runs. On the resistance side main barrier that needs to be broken on the way to any significant upward movement is the value of $1.7345.
Moreover, the social sentiment is still positive, which means that investors are not losing confidence in the long-term perspectives of SPX. This optimism under the surface may be the fuel that may eventually gives the bulls the power to break the current resistance.
If SPX manage to break above the $1.7345 level, then investors may be able to see a quick move to the psychological $2.00 level, a major milestone in the price discovery process of the cryptocurrency.
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