SPX6900 Surges 17.84% as Elliott Wave Signals Rally toward ATH Range

• SPX6900 price rose nearly 18% in 24 hours, with market cap hitting $927.53 million.
• Elliott Wave analysis predicts Wave 5 rally targeting 50% to 61.80% zones, with critical support at 0.236 Fib level.

SPX6900 memecoin is a cryptocurrency based on internet culture and humor, similar to other meme coins like Dogecoin. This digital asset has recorded a positive movement as of the latest. During the Asian trading session, SPX opened its market with a price value of $0.9236, which has recorded continued momentum, leading to a surge of over 17% in the last 24 hours.

SPX6900 Current Market Performance Revealed

Tracking the ongoing price trend, CoinMarketCap data indicates that the current price stands at $0.9962, reflecting a significant increase of 17.94% within the last 24 hours. The market capitalization reached $927.53 million, showing a rise of 17.95%. The volume traded in the past 24 hours amounts to $46.47 million, which has surged by 139.66%.

Additionally, the fully diluted valuation (FDV) of SPX read at $996.34 million while the volume-to-market-cap ratio for 24 hours is 4.98%. The one day price movement chart illustrates an upward trend throughout the day, starting from approximately $0.85 and steadily rising to near $1.00. Multiple price peaks and minor corrections are noted but SPX has maintained an overall positive trajectory.

SPX Elliott Wave Analysis Indicates Imminent Rally Toward All-Time Highs

As the digital asset continues it positive trend, market analysts have noted a new development that hint on continued performance. According to an observation by Trigger Trades, the latest Elliott Wave chart for SPX shows the completion of the fourth wave after a strong rebound from a key support zone.

The rebound aligns with the inversion of the Daily Fair Value Gap (FVG), marking the end of the corrective wave. Following this, the analysis projects the start of the fifth wave, expecting the index to move upward toward the 50% to 61% range. This target corresponds with previous ATHs indicating a potential significant rally in the near term.

Within the fifth wave, Fibonacci retracement levels at 50.00% (6201.88) and 61.80% (6304.10) offer clear resistance points to monitor. The wave structure shows possible short-term corrections and upward moves within this larger rally. The daily price range between 5651 and 5845 is identified as a critical zone for price action as Wave 5 unfolds.

Important Support and Market Transition Points

The analysis specifies a 4th wave invalidation level at 5533.90. A drop below this point would invalidate the current wave count and change the market outlook. The previous high of 6147.43 marks the threshold where a bear market could begin after Wave 5 completes.

Because Wave 4 was shallow and brief, a rapid upward move is likely during Wave 5. Alternatively, a brief sideways triangle formation may occur, representing consolidation within this wave. Overall, the technical wave structure indicates an imminent upward movement toward ATHs.

Highlighted Crypto News Today:

‌SEC Begins Review of First U.S. Spot XRP ETFSPX Filed by WisdomTree