Date: Mon, March 24, 2025 | 05:05 AM GMT
The crypto market is showing signs of a rebound as Ethereum (ETH) bounces back with a 7.58% weekly gain, pushing above the $2000 mark. This resurgence has given altcoins and memecoins some breathing room after months of selling pressure. As sentiment slowly shifts, memecoins like SPX6900 (SPX) and Turbo (TURBO) are starting to show upside momentum.
SPX has already launched an impressive recovery, surging 58% in a week and narrowing its 90-day decline to 20%. Meanwhile, TURBO, which has suffered a massive 74% drop, is showing early indications of a potential turnaround as it mirrors SPX’s price action.
SPX6900 (SPX) – A Classic Reversal in Play
SPX’s daily chart highlights a classic ascending broadening wedge pattern, which is generally considered a bearish formation. However, there is still room for upside movement before any potential breakdown.
As seen in the chart, SPX faced a downtrend after hitting strong resistance near its all-time high of $1.77, marking the top of the wedge. Since then, it retraced back to the lower wedge support around $0.25, from which SPX started its upside momentum. The recent move above the 50-day moving average (MA) has further strengthened this recovery rally, pushing the price to $0.63.
If the momentum continues, the next resistance zones to watch are $0.87 and $1.37
Turbo (TURBO) – Will It Follow SPX’s Footstepss
Interestingly, Turbo (TURBO), another popular memecoin, is quietly replicating SPX’s price structure. After plunging nearly 85% from its highs, TURBO appears to be stabilizing and forming its own Ascending Broadening Wedge—a similar setup that preceded SPX’s current rebound.
TURBO is currently testing the wedge’s lower trendline, with price action tightening near key support levels. While the MACD indicator still lingers in bearish territory, it’s beginning to curl upward, suggesting an early shift in momentum.
If volume picks up and the 50-day MA is reclaimed, it could confirm a recovery. In that case, TURBO may follow SPX’s path and stage a strong rally toward the next resistance zones of $0.0063 and $0.01052.
Final Thoughts
Both SPX6900 and TURBO are showing signs of a potential breakout, with SPX leading the charge. If market conditions remain favorable, TURBO could mirror SPX’s rally in the coming weeks. Investors should keep an eye on key resistance levels and volume trends to gauge the strength of this recovery.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.