SPX6900 flashes a possible short-term reversal as memecoins overall continue to bleed
SPX6900 plunged more than 10% in the last 24 hours, underperforming the broader memecoin market, which fell about 6.8%. Other notable losers included Pump.fun (PUMP) and Useless Coin (USELESS). Despite the weakness, on-chain and technical signals suggest a potential bounce if a key support holds.
What to watch: the $0.44 level
- SPX6900 was trading in a clear downtrend and was approaching a critical support near $0.44 — the same low reached on October 10.
- If $0.44 breaks, expect an accelerated sell-off. If it holds, analysts see scope for a rebound toward at least $0.75, a level that acted as resistance and provoked selling on three prior occasions (TradingView).
Technical and derivatives signals point to seller fatigue
- Momentum indicators showed sellers losing steam: the MACD’s signal line began to curl upward, signaling waning bearish momentum.
- Open Interest (OI) on SPX6900’s futures rose from about $8 million to $11.47 million even as price fell. That divergence — rising OI alongside weakening selling pressure — is often interpreted as a bullish reversal clue (TradingView).
On-chain order flow: buyers still present, but cooling
- Weekly data for the token show buyers as the dominant force despite the bearish price action. Since early December both Spot and Futures Taker CVDs have remained in positive territory, indicating net buying interest, though the magnitude of buying has gradually waned (CryptoQuant).
- Retail activity, however, remained muted and neutral, continuing a pattern of late participation around market peaks — a behavior Binance CEO Changpeng Zhao (CZ) has criticized when traders fade cheap assets.
Broader memecoin headwinds may cap any rally
- Even if SPX6900 stages a bounce, the wider memecoin sector is under pressure. CoinGecko noted that at its peak the memecoin market topped $150 billion, but interest and dominance have collapsed since mid-Q3. “Overall memecoin interest declined 81.6% YTD, mirroring the drop in market cap,” the report said.
- Top names such as Dogecoin (DOGE) are also facing shrinking market share as the sector becomes flooded, producing a scramble for liquidity that could limit upside for individual tokens.
Bottom line
SPX6900’s chart and derivatives flow hint that sellers may be tiring and a bounce from the $0.44 zone could be possible — but broader sector weakness and fading buying power mean any recovery could be fragile. Traders should watch whether $0.44 holds and whether buying pressure in Spot and Futures reaccelerates.
Disclaimer: This content is informational only and not investment advice. Cryptocurrency trading carries high risk; do your own research before making decisions. © 2025 AMBCrypto.
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