SPX Soars, Plummets, and Leaves Us All Wondering: What Just Happened? 🤔💸

by
  • SPX pumped 12% after Binance U.S. move, but quickly gave back the gains. Talk about a rollercoaster! 🎢
  • Profitable holders soared over 90%, underscoring the sell pressure. It’s like a game of musical chairs, but with money! 💰

On the 18th of June, SPX6900 [SPX] decided to take a leap of faith, soaring 12.5% after Binance U.S. announced a spot listing for the memecoin. Who knew memecoins could be so dramatic? 🎭

The exchange stated that the memecoin would begin trading on the 19th of June, triggering a front-run that lifted it from $1.24 to $1.46. It’s like watching a toddler discover sugar for the first time! 🍭

SPX profit-taking spikes

However, at press time, memecoin traders were already locking in profits. Because why hold onto something that’s going up when you can sell it and buy a fancy coffee instead? ☕️

At press time, SPX was down 8% after facing a rejection at the mid-range of the downtrend channel (white). The area also acted as a bearish order block (red), making it a short-term supply zone. It’s like trying to squeeze into your favorite jeans after the holidays—good luck with that! 👖

Given a similar 4-hour RSI rejection at the mid-range, short-sellers may drag the memecoin back to $1.33 or the range lows. Especially if demand doesn’t improve. It’s a bit like waiting for a bus that never comes! 🚌

Over 90% profitable SPX holders

On-chain data supported the sharp sell-off too. According to IntoTheBlock data, 91% of holders (about 16K addresses) were in profit. That’s a lot of happy faces, but also a lot of potential sell pressure! 😅

This meant that holders were highly likely to lock in profits and stall the rally if every holder followed suit. It’s like a game of chicken, but with wallets instead of cars! 🚗💨

That said, the immediate on-chain support was around $1.1 and aligned with the 200-day EMA (Exponential Moving Average) on the price charts. A key level to track in case of a sharp pullback below the channel. It’s like having a safety net, but you’re still walking a tightrope! 🎪

Despite the sell pressure, the overall weighted sentiment remained positive, suggesting that market participants were bullish on the memecoin’s outlook. It’s like everyone’s still cheering for the underdog! 🐶

Overall, SPX has entered a cool-off period after an 80% run in early June. Whether the Binance U.S. listing will revive the trend remains to be seen. It’s like waiting for the sequel to your favorite movie—will it be a blockbuster or a flop? 🎬

However, the pullback could ease at the moving averages or $1.1 if market sentiment improves. Fingers crossed! 🤞

Read More

2025-06-19 22:19