SPX6900 [SPX] has maintained a sustained bearish structure since late January, reflecting persistent distribution pressure across the market. The asset declined towards $0.2767 as sellers steadily dominated price action.
Initially, the trend weakened as lower highs began forming beneath key moving averages. At the same time, the 20 EMA near $0.3015 and the 50 EMA around $0.3059 started acting as dynamic resistance, limiting upside attempts.
The wider cryptocurrency decline spearheaded by Bitcoin [BTC] intensified risk aversion as this structure evolved, pushing traders to limit their exposure to high-volatility meme assets.
Shortly after, the price breached the horizontal support zone of $0.32, established between the 25th and 27th of February. This breakdown triggered faster selling, reinforcing the ongoing sequence of lower highs and lower lows.
Meanwhile, momentum indicators confirmed the pressure.
RSI fell below 30, approaching oversold territory while still lacking bullish divergence. MACD also remained negative, showing persistent bearish momentum.
As a result, rebound attempts stalled below the EMA cluster, leaving $0.2515 as the next structural support if selling pressure continues.
