SPX6900 Price Aims For A Sustained Breakout After Surging 8%

The price of SPX6900 has surged by 8% in the past 24 hours, reaching $0.7340 as of 8:18 p.m. EST. This surge was accompanied by a 29% increase in trading volume, which reached $55.8 million, according to CoinGecko.

Despite earlier volatility, including a sharp sell-off to $0.46, the price of SPX6900 has stabilized and oscillated within a range of roughly $0.55 to $0.75 since early December.

The SPX/USDT chart analysis on the 6-hour timeframe shows that the SPX6900 price is consolidating within a sideways pattern. This range is defined roughly between $0.55 and $0.75, indicating indecision among market participants.

However, as the market remains range-bound, traders should remain cautious until a definitive breakout occurs.

The Relative Strength Index (RSI) is hovering around 53, slightly above the neutral level of 50. This suggests mild bullish momentum but no overbought conditions, leaving room for further upside within the range.

In the short term, the price of SPX6900 will likely continue testing the sideways range’s boundaries. If the SPX price manages to hold above the $0.75 resistance and break out with strong volume, the next target could be around $0.80 or higher, signaling the start of a new uptrend.

Conversely, failure to sustain above $0.67 (the range support and near the 200-period SMA) could see the SPX6900 price revisit lower levels, with $0.60 and $0.42 acting as key support zones.

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