Date: Wed, May 28, 2025 | 06:07 AM GMT
The cryptocurrency market has staged an impressive rebound this quarter, with Ethereum (ETH) leading the charge. After climbing over 40% in Q2, ETH is now trading above $2,600, having recently touched a high of $2,700 — a level last seen in February. This renewed momentum is sparking fresh interest across memecoins, including the rising star SPX6900 (SPX).
SPX has posted an eye-catching 100% gain over the last 60 days, and now, a key breakout and successful retest on the daily chart could signal that more upside is on the horizon.
Retested Cup and Handle Breakout
On the 1D timeframe, SPX is showcasing a textbook Cup and Handle pattern — a bullish continuation formation that often marks the beginning of strong upward moves.
The cup began forming between late February and early May, with the price declining from around $0.87 and bottoming near $0.4066. Following that, SPX steadily climbed higher, shaping the rounded bottom of the cup. The handle developed as a pullback near $0.63, which quickly found support and set the stage for a breakout above the neckline at $0.87.
After breaking out, SPX reached a local high of $0.97 before pulling back to retest the neckline zone between $0.80 and $0.87. This successful retest has now been followed by renewed buying pressure, pushing SPX above $0.99 and showing continued strength.
What’s Next for SPX?
With both the breakout and retest confirmed, the technical outlook for SPX remains bullish. The initial upside target based on the height of the cup sits around $1.37. If the full measured move plays out, the extended target stretches to $1.49, representing a potential 49 percent gain from current levels.
Whether this rally continues will also depend heavily on broader market sentiment. Ethereum’s ongoing bullish performance will likely play a key role in sustaining momentum across memecoins like SPX.
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