SPX6900, a cryptocurrency, has seen a significant price rise of over 230% from May to June. The current analysis helps to understand the trends and potential future scenarios for price movement.
Parabolic Growth of SPX6900
The price of SPX6900 rose from $0.50 to nearly $1.77 between May 7 and June 11, supported by the crossover of the 50-day and 200-day moving averages, indicating a bullish trend. This growth unfolded in four accelerating stages, each followed by shallow pullbacks. However, a temporary peak was reached on June 11, after which a correction began.
Indicators and Signs of Correction
Indicators show signs of market cooling. The RSI dropped from 75 to 40.19, indicating a decrease in excessive buying pressure. The MACD confirmed a bearish crossover, signaling a waning momentum. The Balance of Power remains low, which also indicates weakening bullish energy.
SPX6900 Price Forecast
Currently, SPX6900 is trading at $1.39. Holding the support level at $1.30 may lead to testing the $1.50 level and potentially returning to the all-time high of $1.71 by the end of June. If the price fails to hold above $1.30, further declines to $1.18 and $1.05 are possible.
SPX6900 has demonstrated a classic parabolic growth structure, and the subsequent correction is a normal process for the market. Future movements will depend on the stabilization above key support levels.
