SPX6900 Takes a Nosedive! Is a Rally Just Around the Corner? 🤔

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  • Oh dear! SPX has taken quite the tumble, and it seems it might not be done yet!
  • But hold your horses! This dip could just be a cheeky little pause before the big show!

In the last 24 hours, our dear SPX6900 [SPX] has plummeted a staggering 16%! But wait! If we peek at the 1-month chart, this drop looks more like a little hiccup, especially when you consider the whopping 106% gain it had just a while ago. Talk about a rollercoaster ride! 🎢

Now, let’s whip out our magnifying glasses and analyze the charts! It seems SPX might just dip a bit more before it decides to bounce back like a rubber ball. AMBCrypto has some juicy details on how this might unfold.

Why the Support Zone Could Be the Magical Turning Point 🪄

As we speak, SPX has wiggled its way into a crucial support zone—a place that has been known to spark some serious fireworks in the past!

This magical ascending support line has been the hero of the day, triggering rallies on three separate occasions, each time followed by a spectacular price surge. 🎉

But beware! When the price dances around a support level too many times, it often leads to a dramatic breakdown. If SPX doesn’t rally from here, we might be in for a bit of a bumpy ride before any significant rebound. Yikes!

If SPX decides to take another dip, keep your eyes peeled on these three magical levels: $1.30, $1.22, and $0.91. These could be the enchanted reversal zones, depending on how much buying magic is in the air!

AMBCrypto has also donned its detective hat to analyze more market metrics to predict the memecoin’s next move—and guess what? They found some consensus! 🕵️‍♂️

SPX’s Downside Risk Grows: But Here’s the Limit! 🚧

Now, let’s talk about the Bollinger Bands! These nifty little bands help us figure out where the price might be headed based on its interactions with the upper band (the big boss), lower band (the safety net), and middle band (the tricky middle ground).

According to our trusty indicator, SPX has recently slipped below the middle band, which was once its cozy little support. Now it’s trending lower, like a sad puppy. 🐶

This suggests that SPX might just retest the lower band around $1.31—right in line with one of those earlier support levels. Fingers crossed! 🤞

Historically, a little touch at the lower band has led to a rally—let’s hope SPX follows that trend!

But wait! There’s more! The liquidity inflow is also hinting at a near-term decline. The Money Flow Index (MFI), sitting at 57.02, shows a downward trend in inflow. This suggests that SPX could fall further, at least to the lower Bollinger Band level. Oh dear!

However, despite the dip, the MFI is still hanging out in the bullish region—between 50 and 80—indicating that buying pressure could come back at any moment. Surprise, surprise! 🎉

SPX Drops Sharply, But Is It Just a Correction? 🤔

Even with the recent price drop, the sentiment in the derivatives market remains as bullish as a bull in a china shop!

At this very moment, the Open Interest Weighted Funding Rate has entered positive territory with a reading of 0.0055%. Hooray!

A positive Funding Rate usually means that most active contracts are from long traders, which is a good sign! 🌟

This bullish sentiment comes despite a 23% decline in Open Interest, which has dropped to $127 million—largely due to long liquidations. But fear not! This suggests that investor conviction in SPX remains as strong as ever!

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2025-06-18 00:29