A 10% daily loss put SPX6900 traders on edge over key support.
Key Takeaways
Содержание статьи:
Why did SPX6900 drop 10%?
It failed $1.47 resistance, with Stochastic RSI still above oversold and Futures Taker CVD showing strong seller dominance.
Can bulls regain control?
Liquidity clusters above $1.25 may fuel rebounds if flag support holds, leaving the next sessions decisive for SPX direction.
SPX6900 [SPX] took a sharp hit over the last 24 hours. According to CoinMarketCap, the memecoin’s price fell 10%, at press time, after failing to clear resistance near $1.47 on the daily chart.
Of course, it meant that the rejection has now pumped some selling pressure into the market as traders and investors alike seemed to observe whether this move develops into a deeper correction.
Technical indicators warn of more downside
Technical indicators signaled that the pullback may not be over yet. The Stochastic RSI continued to trend downward but hadn’t entered oversold territory, leaving room for further declines.
At press time, the setup pointed to a possible retest of the flag’s lower support zone between $1.18 and $1.20. Holding this level could be crucial for SPX to maintain its broader bullish outlook.
Source: TradingView
Futures and Spot flows stay weak
Adding to the bearish technicals, on-chain metrics did not paint the most optimistic picture either.
CryptoQuant’s Futures Taker Cumulative Volume Delta showed sellers remained dominant in the derivatives market, pressing against rallies.
Source: CryptoQuant
That’s not all, Spot market activity also felt quieter.
The Spot Volume Bubble Map highlighted muted demand, with recent clusters in the “heating” zone around $1.20–$1.35, but without follow-through from buyers.
Source: CryptoQuant
Liquidity stands with SPX bulls
However, despite the bear’s dominance, CoinGlass Liquidity Heatmap showed large clusters above $1.25, suggesting plenty of resting buy orders at higher levels.
This could provide the basis for long-term holders to maintain their positions and provide the required foundation for further accumulations.
If the flag’s support near $1.18 held, those liquidity pools could lift SPX into a breakout from consolidation.
Source: CoinGlass
The latest drop looked like a short-term shakeout, with long-term bias still intact if the flag’s support held.
A break below that zone would raise concerns. Still, strong buying there could see SPX quickly rebound and resume its bullish path.
The next sessions should reveal whether buyers or sellers take control.
Next: Can Chainlink’s tie up with Saudi Awwal Bank propel LINK to $125?
Source
