Date: Fri, May 16, 2025 | 05:50 PM GMT
The cryptocurrency market has shown signs of a healthy rebound in recent weeks. After a painful Q1, where Ethereum (ETH) dropped by nearly 45%, it has managed to stage a sharp 66% recovery in the past month, trading around $2,600 — its highest in months. This bullish sentiment is spilling into the memecoin sector, and one standout performer has been SPX6900 (SPX).
SPX is up more than 62% in the last month, fueled by growing interest in meme-driven tokens. But beyond the meme hype, the chart paints a technically strong setup that traders are now watching closely.
Retesting the Ascending Triangle Breakout
On the daily chart, SPX formed a classic ascending triangle — a bullish continuation pattern — over the past few months. This pattern is characterized by higher lows forming against a horizontal resistance zone.
SPX initially broke out of this triangle in early May, surging by 177% from its base at $0.26 to a local high of $1.03. However, as often happens after a strong breakout, price met resistance and pulled back. SPX has since corrected over 30%, dropping to around $0.73 at the time of writing.
What’s notable is that this pullback has brought the price right back to the breakout zone between $0.63 and $0.68 — a former resistance area now acting as new support. This kind of “retest” is often a healthy sign and could set the stage for the next leg up.
What’s Next for SPX?
All eyes are now on the $0.63–$0.68 support band. If SPX holds this level and bounces with volume, it could signal that the breakout is valid and strong hands are accumulating.
A move above $0.84, the last local high before rejection, would confirm momentum is back in favor of bulls. If that happens, SPX could be on its way to reclaiming the ascending triangle target at $1.11, offering a potential 52% upside from current levels.
In short, SPX is at a crucial technical juncture. A successful bounce here would not only reinforce the recent breakout but could also open the door to fresh highs in the coming weeks — especially if overall market sentiment remains positive.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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