- SPX6900 (SPX) has broken out of a falling wedge pattern and is currently retesting the breakout zone near $1.31, which could define its next major rally.
- The token found support at $1.03 and surged to $1.5066 after breaking above the descending resistance line at $1.38, with the 100-day moving average acting as resistance.
- If the retest holds and bulls step in, SPX could target the $2.2367 zone, representing nearly 69% upside from current levels based on the wedge breakout projection.
- A failure to maintain support above $1.30 could result in a fake breakout, causing SPX to fall back inside the wedge pattern and postponing the bullish scenario.
Date: Wed, Sept 17, 2025 | 06:30 AM GMT
The cryptocurrency market is showing slight resilience ahead of the hot event of the US Federal Reserve meeting today, with Bitcoin (BTC) reclaiming the $117K mark after a 1% jump at the time of writing. Following this recovery, several memecoins are also flashing upside potential, including SPX6900 (SPX).
SPX is currently trading in green with modest gains, but the chart signals something much more important: the token has just broken out of a key bullish setup and is now retesting that breakout — a move that could define its next major rally.
Retesting Falling Wedge Breakout
For several weeks, SPX was locked inside a falling wedge, a classic bullish reversal pattern that often signals an upcoming trend shift. The token found solid support near $1.03 and then bounced back strongly.
This rally carried SPX above the wedge’s descending resistance line, confirming a breakout around the $1.38 mark. Following the breakout, SPX surged to as high as $1.5066, which aligned closely with the 100-day moving average (MA), acting as resistance.
Since then, as typically happens after strong breakouts, the price has pulled back to retest the breakout zone. At present, SPX is consolidating near $1.31 — a crucial level where buyers could be preparing to re-enter.
What’s Next for SPX?
The ongoing retest looks constructive, but its success depends on whether SPX can hold above the breakout trendline. If bulls step in strongly, the first targets to reclaim would be the 100-day MA at $1.47 and the recent high of $1.5066. A clean breakout above these levels could spark a larger rally.
Based on the wedge breakout projection, SPX holds the potential to rise toward the $2.2367 zone, which represents nearly 69% upside from current levels.
However, traders should remain cautious. If SPX fails to maintain support around the breakout line and slips back below $1.30, it risks falling back inside the wedge pattern. That would increase the chances of a fake breakout, postponing the bullish scenario.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
The opinions and market insights shared on CoinsProbe represent the views of individual authors based on prevailing market conditions at the time of publication. Cryptocurrency investments carry significant risk and volatility. Readers are encouraged to conduct their own research and seek professional financial advice before making investment decisions. CoinsProbe and its contributors do not accept responsibility for financial losses or decisions made based on published content.
CoinsProbe may publish sponsored articles, affiliate links, or promotional collaborations. All sponsored material is clearly labeled to maintain transparency with our audience. Our editorial decisions remain fully independent, and advertising partnerships do not influence reviews, rankings, or published opinions.
Since 2023, CoinsProbe has delivered reliable insights on cryptocurrency, blockchain, and digital assets. Our content is created by experienced researchers and analysts who follow strict editorial standards focused on accuracy, transparency, and credibility. Every article is carefully reviewed and verified using trusted sources and current market data. We provide unbiased analysis and timely updates covering everything from emerging crypto projects to major industry developments.
