Date: Fri, Oct 31, 2025 | 06:54 AM GMT
The cryptocurrency market continues to show high volatility, with both Bitcoin (BTC) and Ethereum (ETH) trading deep in the red, triggering $882 million in total liquidations, out of which nearly $765 million came from long orders.
Following the broader market correction, major memecoins are also under pressure, including SPX6900 (SPX), which has dropped 8% today, bringing it to a make-or-break level that could determine its next major move.
Head and Shoulders Pattern in Play
On the daily chart, SPX appears to be completing a Head and Shoulders pattern — a classic bearish setup that often signals the end of an uptrend and the start of a potential reversal.
The token recently faced a strong rejection from its 200-day moving average (MA) near $1.19, reinforcing bearish momentum. Since then, SPX has slid into a critical support zone between $0.85 and $0.95, an area that has historically served as a strong demand base during previous corrections.
The pattern structure — with three clear peaks and a neckline support now under pressure — mirrors previous setups that preceded significant breakdowns in other altcoins. Traders are now closely watching this zone, hoping that buyers step in to defend it once again.
What’s Next for SPX?
SPX is currently at a pivotal point. If bulls manage to hold the $0.85–$0.95 range and push prices back above the 200-day MA ($1.1968), it could trigger a short-term recovery rally toward the $1.60 region — effectively invalidating the bearish setup.
However, if the support zone fails, it would confirm a neckline breakdown from the Head and Shoulders formation, likely opening the door for a deeper correction — potentially extending toward the $0.25 area in the coming weeks.
This support retest will be critical for determining whether SPX stabilizes for a potential rebound or continues its downward trajectory amid broader market weakness.
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