SPX (SPX6900) Price Prediction: Will SPX Drop Below $1 Soon?

SPX6900 (SPX) price has surged 27% in the last 24 hours, recovering the $1 billion market cap threshold and securing its position as the 10th largest meme coin.

SPX6900 (SPX) price soared nearly 27% in the last 24 hours, helping the meme coin reclaim the $1 billion market cap threshold.

This surge in buying pressure propelled SPX to the 10th spot among the biggest meme coins, placing it just ahead of FARTCOIN in the rankings. Notably, SPX price recovered sharply after hitting a 90-day low on January 9.

SPX’s Ichimoku Cloud setup presents a mixed scenario. The asset’s price is currently hovering near the green Kumo (cloud), showing a neutral-to-bullish outlook as Span A is positioned slightly above Span B. This configuration could indicate a potential shift in momentum.

However, the thin nature of the cloud suggests weaker support or resistance strength, making SPX more susceptible to price volatility.

The Kijun-Sen (baseline) is now trading below the price at $0.98, indicating an improvement in short-term momentum.

This is further confirmed by the Tenkan-Sen (conversion line) trending upwards at $0.95. The lagging span is still trailing below the price and cloud, highlighting that SPX is not yet in fully bullish territory.

For a stronger bullish signal, the price would need to break above the red cloud entirely, aligning all Ichimoku lines in a more supportive configuration.

SPX’s BBTrend has been strongly negative for the past 2 days

SPX’s BBTrend is currently showing a negative value of -32.3. The asset has remained in negative territory since January 10, staying below -30 for the past two days.

This prolonged negative BBTrend indicates bearish momentum, despite SPX experiencing a sharp price increase of nearly 27% in the last 24 hours, placing it among the 10 biggest meme coins. The negative reading suggests that the broader trend remains weak, exercising caution for traders anticipating sustained upward movement.

The BBTrend, or Bollinger Band Trend, measures price deviations relative to its Bollinger Bands, providing insights into trend strength and direction. Negative values typically indicate bearish conditions, while positive values suggest bullish trends. With SPX’s BBTrend at -32.3, the current reading emphasizes that the asset is still in a bearish zone.

This implies that, despite the recent price surge, the market lacks strong underlying momentum to confirm a lasting trend reversal, and SPX could face potential pullbacks if buying pressure diminishes.

SPX price prediction: Will SPX drop below $1 soon?

If the uptrend continues, SPX price could rise to $1.64, offering a potential 37.8% upside. That could be driven if the narrative around meme coins recovers its strength. This target aligns with the bullish momentum seen in recent price action, however, sustaining this trend would require stronger confirmation from key indicators.

If the uptrend reverses, SPX could retest the support at $0.93, a critical level that has been held in previous sessions. Should this level fail, the price could drop further to $0.81, potentially making SPX lose its position among the biggest meme coins to FARTCOIN. A deeper correction could bring SPX down to $0.61, representing a 48.7% decline from current levels.