Direction
Long
Published
October 16, 2024
Status
Token
SPX
Trigger
Support/Resistance
Type
Trade Strategy
Updated
About + Tokenomics
Name | SPX6900 |
Symbol | SPX |
CoinMarketCap Rank | 208 |
Market Cap | 603M |
Volume 24h | 53M |
Total Supply | 1B |
Circulating Supply | 930M |
Chain | Solana |
Chart Analysis
SPX has been one of the most hyped meme coins lately. However, after a fulminant climb, the token has taken a breather for the last few days. Mid-term, the token offers a solid opportunity. Therefore, we should watch two levels:
- $0.65: The current level of support
- $0.5: The next (and much stronger) support level
Technical Indicators
- MACD: Bearish 🔴
- RSI: Neutral 🟢
- VMA: Bearish 🔴
- Triple EMA: Price trades between EMAs 🔵
- ADX: 22, indicating no trend 🔴
Chart
Trade Setup
Given the two levels described above, I see two trade setups
0.65 Level Holds
- Entry: If SPX bounces off the 0.65 level, I would not enter immediately but wait for the VMA to turn bullish (to get additional confirmation.
- Target 1: $1
- Target 2: $1.4
- Stop Loss: Slightly below 0.65. You can also go for the lower support.
Retest of the 0.5 Level:
- Entry: Wait for the price to bounce of the 0.5 level and confirm the bounce.
- Target 1: $1
- Target 2: $1.4
- Stop Loss: Slightly below 0.5.