SPX6900 Price Surges by 16%, Signaling a Reversal Trend

In the past 24 hours, the SPX6900 price has experienced a significant surge of over 16%, reaching $0.5981 as of 7:25 a.m. EST. This rise comes as traders express optimism towards the altcoin.

Despite this recent gain, the weekly performance of SPX remains in the red. However, a monthly overview reveals that the cryptocurrency is still down by more than 21%.

SPX6900 Breaks Above a Descending Trend Line

4-hour chart for SPX/USD (Source: GeckoTerminal)

The SPX6900 price has successfully risen above a short-term descending trend line and is currently attempting to establish the $0.6357 resistance level as a support level. If this technical barrier is overcome within the next 12 hours, it could provide the technical groundwork for further price increases, potentially reaching $0.7607 in the short term.

Failure to establish a position above $0.6357 within the next 12 hours, however, could invalidate the bullish thesis, increasing the likelihood of SPX testing the support at $0.4356, which coincides with the recently breached trend line.

Continued selling pressure could further drive the SPX6900 price down to $0.2273, the next technical support level.

Technical Analysis Suggests Further Gains for SPX6900

Technical indicators on SPX's 4-hour chart provide evidence for the potential continuation of the bullish trend over the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are displaying bullish signals.

The RSI, which measures the momentum of a trend, has recently risen from below 30 in oversold territory to above 50. Rising RSI readings are typically interpreted by traders as a sign of bullish strength, suggesting that the SPX price could extend its gains in the near term.

Additionally, the MACD line has crossed above the MACD Signal line, triggering a bullish technical signal. This event is often seen as an indicator that the cryptocurrency is entering a short-term bullish cycle, which could lead to increased buying activity.

Pepe Unchained (PEPU) Attracts Investor Interest

While the SPX6900 price attempts to establish a positive trend, investors are expressing enthusiasm for the layer-2 meme coin Pepe Unchained (PEPU) ahead of its listings on several major exchanges.

As a layer-2 project, PEPU aims to alleviate congestion and increase transaction speeds on the Ethereum network, providing significant potential utility.

The project has recently announced the launch of a developer grant program, offering financial support for developers to create new applications on the Pepe Unchained blockchain.

Additionally, the team plans to launch its own token launchpad, positioning PEPU as a competitor to the Solana meme coin generator Pump.fun.

These developments have caught the attention of crypto experts, including analysts from the 99Bitcoins YouTube channel, who anticipate a potential 100X surge for PEPU upon its official launch in 23 days.

Investor Frenzy Drives PEPU Presale Success

As the speculation of listings on major exchanges, such as Binance and Coinbase, grows, investors are eagerly purchasing PEPU during its presale stage.

In the past week alone, Pepe Unchained has raised over $11.89 million, bringing its total raised to date to more than $40.7 million.

Buyers can participate in the presale through the widget on the project's website, using ETH, USDT, BNB, or a bank card.