Date: Sat, Nov 29, 2025 | 08:10 AM GMT
In today’s crypto market, SPX6900 (SPX) — one of the strongest-performing memecoins over the past week with a remarkable 48% surge — is now showing early signs of cooling off. The coin is trading in red, but more importantly, its lower-time-frame structure is signalling the possibility of further decline after a key technical breakdown.
Double Top Breakdown
On the 1H chart, SPX had been consolidating within a Double Top formation, a classic bearish reversal pattern often hinting at exhaustion after an aggressive rally.
The second top near $0.75 triggered a sharp rejection, sending SPX back down to retest its neckline support at $0.6830. Buyers attempted to defend this zone, but failed to hold it — resulting in a clean breakdown below the neckline, confirming the bearish reversal pattern.
As of now, SPX is trading around $0.6709, and the structure suggests that a retest of the neckline could occur. If price pulls back into the broken zone and fails to reclaim it, this would strengthen the bearish case.
What’s Next for SPX?
If the selling pressure continues to dominate, SPX could slide further toward the breakdown target around $0.616, which represents another 8% downside from the current level. This aligns with the measured move of the double-top pattern visible on the chart.
A successful retest followed by rejection would be a strong confirmation for continuation lower. On the flip side, reclaiming the neckline would be the first sign of invalidation, but until then, bears remain in control on the lower timeframe.
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