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06/09 12:32

The meme coin SPX soared 7.95% on Sunday followin

The meme coin SPX soared 7.95% on Sunday following the 8% hike on Saturday to complete a bullish weekend. At the time of writing, SPX trades at $1.25 with minimal intraday movement after a 22% rally last week. 

The meme coin faces opposition at the 78.6% Fibonacci level at $1.28, retraced between January’s highest closing at $1.55 and March’s lowest closing at $0.29. Typically, investors with purchase costs below the 50% Fibonacci level target the 78.6% level as a profit-booking spot, increasing the downside risk. 

Despite the uptrend in motion, the Relative Strength Index (RSI) at 70 hovers almost flat below the overbought boundary, reflecting a weakening in momentum. Traders must remain cautious as the near-flat RSI marks a bearish divergence with the uptrend, signalling a bearish reversal. 

The crucial support for SPX remains the $1 psychological support, followed by $0.92, the 50% Fibonacci level. 

On the contrary, a daily closing above $1.28 could prolong SPX’s uptrend to January’s highest closing at $1.55. 

#Do you think BOBBSC is promising?#Trump-Musk spat sees Bitcoin tumble#Share Your Thoughts on Popular Assets in June

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