The cryptocurrency SPX6900 is experiencing strong bearish pressure, raising concerns in the market. Let's examine the current trends and potential scenarios.
Current Market Situation
SPX6900 price is showcasing extreme bearish pressure on the daily timeframe. The price is down by 17% in the last 24 hours, indicating bears are trying to gain control from bulls. The cryptocurrency has been strongly rejected at the resistance level of $2.2787, confirming a change in market sentiment.
Technical Analysis of SPX6900
The current price setup indicates that SPX6900 is trading below its 50-day EMA at $1.5568, which now serves as a vital support. The close gap between the current price and the 50-day EMA level raises concerns. Technical indicators tell a bearish story: the MACD histogram has turned red, indicating growing selling pressure. The RSI at 45 is moving downward out of the overbought range.
Forecast and Support Levels
The most important support point to observe is at $1.556, which is also the 50-day EMA. A firm break below this level may trigger further selling to the 200-day EMA at $1.0856. In the event of any bullish reversal efforts, SPX6900 must bounce from the $1.5567 level and test the resistance at $2.2787, where it was previously rejected.
Given the current bearish pressure, the combination of negative technical signals and social sentiment, the path of least resistance for SPX6900 still points downward.
