The SPX6900 price has jumped by 8% today, with the altcoin’s move to $1.08 coming as the crypto market as a whole falls by 3% in the past 24 hours.
Despite this increase, SPX6900 has fallen by 37% in the past week, as the wider market takes a big hit from the conflict in the Middle East.
On the other hand, SPX remains up by 25% in a month and by a huge 9,900% in the past year, with the meme token only having set its current ATH of $1.73 some 12 days ago.
It therefore continues to be one of the hot top-100 coins of the moment, with the coming weeks likely to bring further price increases as more investors plow into the token.
SPX6900 Price Prediction: Traders Jump Ship as SPX Price Drops 37% in a Week, What’s Next?
SPX’s chart looks very different from that of most other coins in the top 100, in that it has enjoyed a peak in the past couple of weeks, and not only in January, when Donald Trump took office.
However, the flipside of this is that the coin entered a strongly overbought position, with its 37% drop in the past week providing a much-needed correction.
Source: TradingViewIndeed, SPX6900’s relative strength index (purple) has dropped to 40 this morning, which could be a prelude to a rebound.
On the other hand, its MACD (orange, blue) has yet to return to its baseline or to become oversold, so it may be a few days before the token begins rallying again.
But in the medium-term, SPX continues to look very promising, with its volumes still near their highest-ever levels, at around $100 million today.
The meme token has been able to rise to new highs this month as a result of an influx of new investment, with major asset manager BlackRock being the most notable new investor in SPX.
Open interest in the coin is also higher than it has been in every month prior to June, while its funding rate remains at a healthy 5.5%, indicating strong demand.
And analysts are continuing to predict big things for the SPX6900 price in the coming weeks and months, with some highlighting a classic cup-and-handle pattern as a signal of an incoming breakout.
Its fortunes in the next few days and weeks will depend on what happens in Iran, with a further escalation – such as the blocking of the Strait of Hormuz – likely to depress demand in the near term.
However, if conditions settle, SPX could easily reach $1.25 by the end of July and $1.50 by the end of August.
Bitcoin Bull Raises $7.3 Million in Snowballing Presale: Is Deflationary Meme Coin Ready to Explode?
As good as SPX looks at the moment, it won’t be the only new token to do well this summer, particularly if market conditions (e.g. tariffs, Middle East) improve.
There are also other, newer coins ready to surge in the coming weeks, including several presale tokens that have been building strong momentum recently.
One of these is Bitcoin Bull (BTCBULL), a deflationary ERC-20 token that has now raised $7.3 million in its ongoing ICO.
What’s exciting about Bitcoin Bull is that its deflationary tokenomics are connected to Bitcoin’s (BTC) performance.
With a hard cap of 21 billion BTCBULL, the token will conduct burns whenever BTC reaches price milestones for the first time.
This will begin with $125,000, and repeat with each additional $25,000 added for the first time, shrinking BTCBULL’s supply in the long run.
Not only that, but Bitcoin Bull will host airdrops of Bitcoin itself, with these happening whenever BTC adds $50,000 to its price for the time (starting with $150,000).
This could make BTCBULL hugely profitable to hold, particularly when owners can stake it for a passive income.
However, the coin’s presale will end in just under seven days, so investors will have to move quickly if they want to buy the token before it lists.
They can do so by going to the Bitcoin Bull website, where BTCBULL is selling at its final presale price of $0.00258.
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