Date: Sun, Oct 19, 2025 | 09:05 AM GMT
The cryptocurrency market continues to struggle to find its footing after the sharp October 10 crash. While Ethereum (ETH) remains choppy and market sentiment stays cautious, major memecoins like SPX6900 (SPX) are feeling the heat — and now, SPX sits at a make-or-break level that could decide its next major move.
Head and Shoulders Pattern in Play
On the daily chart, SPX appears to have completed a Head and Shoulders formation — a classic bearish pattern that often precedes a trend reversal.
The token faced a strong rejection from the right shoulder high near $1.66, followed by a breakdown below both its 50-day and 100-day moving averages, signaling mounting bearish momentum.
Now, SPX has slipped into a critical support zone between $0.85 and $0.95, an area that has historically acted as a strong demand base during previous corrections. Traders and bulls are now closely watching this zone, hoping it can once again serve as a springboard for a rebound.
What’s Next for SPX?
SPX is currently at a make-or-break point. If buyers step in and the token manages to reclaim its 50-day MA around $1.22, it could mark the start of a short-term recovery, potentially triggering a bounce toward the $1.40–$1.50 area.
However, if SPX fails to hold above $0.85, it could confirm a breakdown from the neckline, opening the door for a deeper correction — possibly extending toward the $0.25 region in the coming weeks.
This support retest will be crucial in determining whether SPX can stabilize and reverse or continue its downward slide.
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