SPX6900 flashes a possible reversal as memecoin market continues to bleed — can one token buck the trend?
SPX6900 plunged more than 10% in the past 24 hours, underperforming the broader memecoin sector, which fell about 6.8%. Other names seeing similar pain included Pump.fun (PUMP) and Useless Coin (USELESS). Yet technical and on-chain signals suggest SPX6900 may be carving out a turning point — if a key support holds.
What the charts say
- Immediate support: $0.44. The price was sliding toward this level — the same low tagged on October 10 — where a short-lived rally previously began. Losing this zone would likely accelerate downside.
- Bounce target: $0.75. Holding $0.44 could trigger a rebound toward roughly $0.75, a level that acted as resistance and provoked selling on three prior occasions.
- Momentum signs: The MACD showed sellers losing steam, with the signal line beginning to turn up — a classic sign of seller exhaustion.
- Open Interest (OI): Rather than falling with price, OI rose from about $8 million to $11.47 million. That divergence between declining price and rising OI often precedes bullish reversals, as it can indicate fresh speculative positioning against the downtrend.
Sources: TradingView
On-chain and participant behavior
- Buyers vs sellers: Weekly memecoin flows painted a slightly bullish picture. Since early December, both Spot and Futures Taker Cumulative Volume Delta (CVD) have remained in positive territory, signaling buyer dominance — although the strength of that buying has eased over time.
- Retail activity: CryptoQuant data suggested retail traders stayed largely neutral, continuing a pattern of participating near market peaks rather than stepping in early. Binance CEO Changpeng Zhao has publicly criticized traders who fade apparent buying opportunities when many assets look cheap, highlighting the tension between institutional and retail timing.
Source: CryptoQuant
Macro memecoin picture: dominance drained
The memecoin cohort has taken a severe hit in market interest and share. CoinGecko noted that at its peak memecoins were worth more than $150 billion, but narratives and investor behavior shifted sharply after that run. Year-to-date memecoin interest has declined by roughly 81.6%, mirroring the collapse in market cap. Even legacy memecoin Dogecoin (DOGE) has seen its market share trimmed as the sector became flooded and liquidity fragmented — creating fierce competition for scarce capital.
What to watch next
- If SPX6900 holds $0.44: expect a potential bounce toward $0.75, supported by fading selling momentum, rising OI and positive taker CVDs.
- If $0.44 breaks: downside could accelerate as stop-losses and fresh selling push the price lower.
- Broader sector health: even if SPX6900 shows a local recovery, the memecoin market’s sustained drop in dominance and investor interest could cap any meaningful, long-lasting rally across the sector.
Bottom line
SPX6900 is showing early technical and on-chain signals that suggest a possible reversal — but that potential must contend with a weaker memecoin market overall and cautious retail behavior. Traders should watch $0.44 closely as the make-or-break level for the next move.
Disclaimer: This article is for informational purposes only and should not be taken as investment advice. Cryptocurrency trading carries high risk; do your own research before making any decisions. © 2025 AMBCrypto
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