New ATH in view as SPX6900 (SPX) breaks out from a critical pattern

SPX6900 (SPX) is in the spotlight after staging a powerful breakout that now has traders eyeing a potential new all-time high.

Over the past 24 hours, the memecoin surged 8.7%, signalling a bullish continuation that’s drawing renewed attention across both technical and derivatives markets.

Today’s price surge comes as SPX6900 sees a rare convergence of bullish signals, including an ascending triangle breakout, a golden cross, strong volume expansion, and a textbook Cup & Handle pattern, all of which point toward the possibility of explosive upside in the near term.

Ascending triangle breakout sparks optimism

Since June 20, SPX6900 has been consolidating within an ascending triangle in the 4-hour chart, a classic bullish structure marked by rising lows and a flat resistance ceiling.

That resistance level, clearly defined at $1.38, held firm until July 9 when the token broke through decisively, backed by solid volume and a bounce from the 100-day moving average at $1.22.

Following the breakout, SPX tapped $1.4476 and is currently stabilising around $1.42, with traders closely watching for a retest of the $1.38 level to confirm this move.

If the token successfully holds above this key support, analysts anticipate a potential push toward $1.86, which would validate the triangle’s measured move projection.

Golden cross confirms SPX’s bullish setup

Adding to the ascending triangle breakout is the confirmed golden cross, where the 50-day exponential moving average has crossed above the 200-day EMA.

This powerful technical signal, now visible on the daily chart, typically marks the beginning of a sustained bullish trend, and it arrives just as the Moving Average Convergence Divergence (MACD) histogram flipped positive for the first time since June.

Momentum indicators now align in favour of buyers, especially with volume climbing steadily and derivatives markets flashing green.

Open interest, according to Coinalyze, has also surged by over 18% to $103.7 million at press time, with an overwhelming 82% of those positions favouring longs, signalling growing institutional confidence.

Recent SPX6900 (SPX) listing on Tokocrypto is fueling the buying pressure

Another catalyst driving SPX’s price surge is its recent listing on Tokocrypto, which opened the token to a wider audience across Southeast Asia.

This strategic move came on July 8 and led to a sharp 75.8% spike in 24-hour trading volume, now sitting at over $91 million.

The increased accessibility has not only deepened liquidity but also amplified momentum during a week when memecoins have outperformed broader altcoins.

As Bitcoin (BTC) edged lower by 0.36%, money flowed into smaller-cap assets like SPX6900 (SPX), which gained favour during this shift in market sentiment.

Cup & handle pattern signals more upside

Perhaps most compelling is the Cup & Handle pattern now forming on SPX6900’s daily chart, offering a roadmap for a potential breakout toward $2.50 or higher.

The rounded bottom of the cup is already in place, and the handle, a narrow consolidation range, indicates a healthy pause before a renewed push upward.

Volume has been gradually building, and traders are now on alert for a breakout candle that could serve as the final trigger.

If confirmed, the pattern’s measured move projects nearly a 98% gain from current levels, pushing SPX close to the $2.70 resistance zone.

SPX6900 price outlook: crowded longs pose short-term risks

Despite the overwhelmingly bullish picture, traders are keeping a close eye on one potential red flag, crowded long positioning.

With funding rates rising to their highest point since mid-June and the majority of traders paying premiums to hold longs, the market is vulnerable to sharp corrections.

While RSI remains in neutral territory at 56.18, suggesting there’s still room for upside, any failure to hold $1.38 could result in a fakeout and trap late buyers.

However, with SPX6900’s current all-time high sitting at $1.73, set just under a month ago, the current price action puts a fresh breakout within striking distance.

Traders are now watching whether the Cup & Handle formation will resolve to the upside, which could not only breach the ATH but also set the stage for a major rally through the $2 range.

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