SPX6900, a memecoin, recorded a 21.07% increase within a single day, reaching a price of $0.64. Trading activity surged significantly, accompanied by a rise in Open Interest (OI). The key question remains: Can SPX6900 maintain this upward trend and break through new resistance levels?
Strong Demand Drives Price Increase
SPX6900 gained a total of 61.5% over the past seven days. The recent surge was supported by increasing trading demand. Trading volume rose by 143.16% to $113.91 million, while OI grew by 23.53% to $25 million.
An important indicator of market strength is the Relative Strength Index (RSI). It increased from 38 to 61, indicating growing buyer control over the market. A rising RSI often signals further upside potential.
Technical Indicators Confirm the Uptrend
In addition to the RSI, the Relative Volatility Graph Indicator (RVGI) has shown a consistent increase for the past five days. A rising RVGI suggests that the upward movement is stronger than potential losses, indicating sustained bullish market sentiment.
Another positive factor is the declining Exchange Flow Balance. According to data from Santiment, this value dropped to -23.6k, suggesting increased accumulation by investors. A negative Exchange Flow Balance means that more coins are being withdrawn from exchanges than deposited – a sign of long-term confidence in the asset.
Market Sentiment Remains Optimistic
The Aggregated Funding Rate also supports a bullish market sentiment. A positive funding rate indicates that many investors are willing to pay a premium to maintain their long positions. This suggests that the market continues to expect rising prices.
SPX6900 is in a strong uptrend, supported by high demand and positive technical indicators. If the current momentum continues, the price could reach $0.67 again. However, if buying pressure weakens, a correction to $0.54 is possible. The coming days will reveal whether the memecoin can sustain its position.
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