SPX Price Drops 15% Despite Posting Strong Weekly Gains
SPX6900 (SPX) price has experienced wild swings, rising by 25% in the past seven days, but fell by 15% in the past 24 hours as the meme coin market corrected.
The correction follows a period of overbought conditions, with technical indicators suggesting further losses are possible or a possible reversal if buying momentum returns. The next few days will be crucial in determining whether SPX price can resume its bullish trend or face a deeper correction.
SPX RSI drops to lowest level in 20 days
SPX Relative Strength Index (relative strength index) has fallen sharply to 33.4, down sharply from the overbought level of 81.4 three days ago. RSI is a momentum indicator that measures the speed and magnitude of price movements on a scale from 0 to 100.
Readings above 70 usually indicate overbought conditions, indicating the possibility of a price correction, while readings below 30 indicate oversold conditions, often signaling the possibility of a rebound. The SPX’s RSI is hovering above the oversold threshold at 33.4, its lowest since December 20th.
The sharp decline in the RSI highlights the huge selling pressure and weak momentum in the SPX. While current levels suggest that bearish sentiment is dominant, it also suggests S&P X Price May be approaching oversold conditions.
If the RSI falls further or stabilizes around 30, it could set the stage for a price recovery as buying interest could return. However, without a strong shift in market sentiment, SPX price may continue to consolidate or decline in the short term, like the rest of the market. Meme Coin.
SPX BBTrend is falling
The SPX BBTrend remains positive at 17.1, although it has declined steadily from its recent peak of 38 on January 6. BBTrend is derived from Bollinger Bands and measures the strength and direction of price trends. Positive values indicate bullish momentum, while negative values indicate bearish conditions.
The current level is 17.1, SPX BBTrend said that while the nearly 15% pullback in the last 24 hours has dampened the upward momentum, the coin still retains some underlying bullish sentiment. However, BBTrend’s steady decline suggests that the risk of further declines remains unless buying activity increases to stabilize prices.
A continuation of the current trajectory could lead to consolidation or additional corrections. Nonetheless, BBTrend’s resurgence could signal a resurgence of bullish momentum, keeping SPX in the top 10. largest meme coin.
SPX Price Forecast: Further revision of 48%?
The SPX’s EMA lines remain in a bullish pattern, with the short-term EMA above the long-term EMA. However, the short-term line is trending downward, increasing the possibility of a death cross, where the short-term moving average is lower than the long-term moving average.
This bearish signal may intensify S&P X Price The recent correction caused the price to test the support at $0.937.
If this key level is lost, the meme token could face further losses, possibly to $0.819 or even $0.615, a massive 48% retracement from current levels.
On the contrary, the surrounding enthusiasm was rekindled Meme Coin could give SPX price the momentum it needs to reverse the current trend. In this case, the coin is likely to rise and challenge the recent resistance at $1.64.
Disclaimer
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