SPX6900 (SPX) has surged by 103% in the past month and currently sits at $1.13 as the market seems to have shifted its cross-hair toward this token recently.
Meme coins have experienced significant price upticks lately. This trend was spearheaded by Fartcoin (FARTCOIN), a Solana-based meme coin whose price skyrocketed in April at a point when the market was tanking.
After that, many other tokens like Pudgy Penguins (PENGU), Popcat (POPCAT), and Peanut the Squirrel (PNUT), doubled and even tripled their price at some point.
Analysts have pointed out that these massive rallies may have been triggered by a good old short squeeze.
Short squeezes are technical phenomenons that occur when a significant number of short orders have been placed against a specific asset and the price rises unexpectedly and triggers the stop-loss order attached to these shorts.
Shorts are covered by buying the underlying asset. Hence, if a large volume of these orders is executed, the price will rise rapidly in response.
Meme coins as a whole were heavily sold during the first three months of the year. Hence, they were the perfect target for a short squeeze. Hence, the latest surge that SPX6900 has experienced could be the result of this same phenomenon.
SPX6900 Could Make a New ATH Soon
The daily chart shows that SPX5900 has been on an uptrend since late April as the crypto market started to recover.
The price has maintained a bullish structure for more than a month now, as indicated by the chart.
The key support to watch at this point is the $0.97 per token, which is the nearest higher high. In an uptrend, this level tends to act as support if the price drops.
If SPX6900 retests this level and bounces off it, this would provide a solid entry for a long position. The market may be eyeing the token’s January all-time high of $1.77.
Trading volumes in the past 24 hours have surged by more than 80% but are still low compared to the token’s circulating market cap.
The Relative Strength Index (RSI) just entered overbought levels, meaning that the trend is still quite strong. Meanwhile, the MACD’s histogram has also been on an uptrend for 8 days in a row.
At this point, it seems highly likely that SPX6900 will retest its all-time highs. Based on how the price behaves after that retest, it may provide an entry for short-sellers as this could become a short-term ceiling.
In the meantime, a new crypto presale has managed to combine the power of artificial intelligence and a viral meme known as Pepe the Frog to captivate social media users. Its name is MIND of Pepe (MIND).
MIND of Pepe (MIND) Launched on X and Has Raised More than $11M
MIND of Pepe (MIND) is a new crypto project that leverages the power of artificial intelligence to captivate large audiences across social media platforms like X.
The agent is already live and has amassed more than 8,000 followers in just a few days by sharing funny but insightful comments about meme coins and the state of the market as a whole.
As MIND of Pepe interacts with high-profile accounts and meme coin investors across X, it will collect information from these conversations like new social trends and emerging opportunities.
$MIND holders will receive these insights exclusively and will be the first to benefit from the agent’s powerful market analysis.
In addition, as MIND gains more influence, it will launch and promote its own meme coins. $MIND investors will also get privileged access to the presale events of these tokens to reap the highest returns once they are made available to the general public.
To buy $MIND at its discounted price, head to the MIND of Pepe website and connect your wallet. You can either swap USDT or ETH or use a bank card to make an investment.
