Key Insights:
- SPX6900 breaks below the neckline of head-and-shoulders, opening downside targets with $0.58 in focus.
- Fibonacci extensions point to support near $0.82, $0.74, and $0.66 before deeper decline unfolds.
- Analysts warn corrective bounce into resistance remains fragile unless price reclaims daily close above $1.00.
SPX6900 (SPX/USDT) was trading at $1.02 with a daily volume of $27.9 million. The token gained 5% in the past 24 hours but remains down 18% over the past week. Chart patterns show a completed head-and-shoulders formation, a setup often linked with potential trend reversals.
The structure includes a left shoulder, a higher head peak, and a right shoulder. The neckline sits near $1.00, which was broken recently.
Analyst Ali said,
“SPX6900 $SPX is breaking out of a head-and-shoulders pattern, targeting $0.58!”
Key Levels and Fibonacci Extensions
Fibonacci retracement and extension levels are drawn on the chart to map possible price zones. Support levels appear around $0.82, $0.74, and $0.66. The 2.618 extension level is near $0.58, aligning with Ali’s target if selling pressure continues.
Short consolidations are also outlined in the chart with dotted paths, suggesting price may pause or retest the neckline before another move. A daily close above $1.00 could challenge the bearish outlook.
Corrective Bounce into Resistance
Trigger Trades shared a separate view, noting a bounce into the 6619–6646 resistance zone. Price reached 6643 before pulling back.
According to Trigger Trades,
“The bounce came in 3-waves, signaling it is correct & to be SOLD.”
In this setup, the next target is 6550, with the potential to extend lower toward 6350. However, a daily close above 6646 would leave open the possibility of a delay in the correction and allow room for new highs in the short term.
Market Outlook
The combined views place SPX6900 at an important level. The head-and-shoulders breakdown supports a bearish continuation toward $0.58, while resistance tests suggest traders must watch for either confirmation of weakness or a reclaim above key resistance zones.
At press time, SPX was consolidating near crucial support, with both bullish and bearish cases hinging on whether the neckline and resistance zones hold or break in the days ahead.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/spx6900-bullish-breakout-targets-0-58/