SPX6900 price surges 10% after breakout retest, eyes $1.30 next

SPX6900 price surged 10% after breakout retest as bullish momentum builds toward $1.30.

SPX6900 (SPX) price jumped 10% in the past 24 hours, currently trading at $0.97 while the trading volume is surging over 100%. The surge follows a key breakout retest yesterday, with the breakout itself taking place on May 22, when the price climbed above the previous resistance at $0.89, peaking at $0.93 on that day.

Following that breakout, SPX price consolidated for a few days until today’s surge pushed it to break above $0.97 local resistance, which marked the upper boundary of the consolidation range, and peak at $1 before retracing to the current $0.97 price point.

The short-term trend is decisively bullish, with the price trading above EMA 20 and SMA 50 and a bullish crossover between these moving averages holding since mid April. At 68, RSI is close to the 70 level, suggesting possible short-term cooling, but still bullish.

Looking ahead, SPX appears to be targeting the $1.30 level next—a key resistance zone where the price was repeatedly rejected in January during a series of sharp oscillations. If $1.30 is cleared, the path opens toward $1.50—a psychological level and the closing high of both January peaks, marking a major resistance zone.

Launched in mid-August 2023, SPX6900 is a memecoin operating primarily on the Ethereum blockchain. Its name and branding are satirical, parodying traditional financial instruments like the S&P 500. In January, when the entire memecoin market was rallying, SXP market cap briefly surpassed $1.5 billion. However, as with most memecoins, it has since retraced significantly, currently standing at $900 million.