SPX6900 Tests Key Support Zone Amid Market Weakness
- Cautious Market Sentiment: On January 20, the cryptocurrency market faced pressure with Bitcoin and Ethereum down 1.69% and 2.45%, respectively, triggering over $286 million in liquidations, indicating a decline in risk appetite.
- Technical Pattern Analysis: SPX6900 is forming a large descending triangle, trading within a key support zone between $0.44 and $0.4775, which reflects increasing selling pressure but may also suggest accumulation by buyers.
- Importance of Support Zone: This support area has consistently attracted buyers over recent months, indicating strong buying interest; if the price tests this zone again and rebounds, it could push prices back toward the upper trendline resistance at $0.61.
- Risks and Opportunities: If SPX6900 fails to hold above $0.44, it could confirm a bearish breakdown, leading to a deeper correction as trapped buyers exit, further intensifying downward pressure in the market.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for SPX
Technical Sentiment Analysis for SPX6900 (SPX). As of , SPX6900 (SPX) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 0 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SPX stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, SPX is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
SPX6900 (SPX) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.14 | 0.181 | 0.235 | 0.276 | 0.329 | 0.37 | 0.424 |
| Fibonacci | 0.181 | 0.217 | 0.24 | 0.276 | 0.312 | 0.334 | 0.37 |
About SPX
About the author
