SPX6900 Meme Coin Shows Bullish Signals Amid Technical and Derivatives Activity

SPX6900, a meme coin, is displaying signs of a potential bullish reversal despite a minor correction on Monday. The coin had surged over 13% last week and maintains a 6% gain in the past 24 hours. A golden cross formation between the 50-day and 200-day EMAs underscores the optimistic technical outlook.

The coin’s recent breakout from a rounding bottom pattern—a U-shaped recovery—signals strength. SPX6900 rallied nearly 80% in May after a 25% rise in April, with key support now forming near the $0.89-$0.94 range, aligning with the 50% Fibonacci retracement level. This confluence of technical factors suggests a possible continuation of upward momentum.

Derivatives data reveals mixed sentiment, though Open Interest (OI) has climbed nearly 10%. The coin’s ability to hold above critical support levels will be pivotal in determining whether the bullish trend persists.