The crypto market is beginning to show signs of recovery. Bitcoin (BTC) has bounced back from its weekly low, while SPX6900 has significantly risen by 8% today.
Bitcoin and Memecoin SPX6900 Growth
Cryptocurrencies are starting to stabilize after a steep decline throughout 2024. Bitcoin, the largest cryptocurrency, has risen to $84,000 from its weekly low of $76,000. Memecoin SPX6900, which lost 63% of its value in the past two months, has increased by 8% today, indicating a potential recovery.
Ascending Broadening Wedge on SPX Chart
The SPX weekly chart highlights a classic ascending broadening wedge pattern. Initially, the price was rejected from the upper trendline at $1.77 (All-Time High) on January 20, triggering a sharp decline toward the lower support trendline. However, after testing the lower trendline support at $0.25, SPX has rebounded to $0.38. A potential further rise could test its 50-day moving average at $0.50, and subsequently, levels of $1.38 and $1.77.
Conclusion: SPX Decision Points
SPX6900 is at a critical mark that may determine its future trajectory. Confirmation of an uptrend could occur if the 50-day moving average is surpassed. However, if current support fails, it may lead to further declines below $0.090.
Against this backdrop, the crypto market and SPX6900 are at a crossroads, making their short-term movement unpredictable.
