Crypto Market Rebound Boosts SPX6900 6% Daily

The cryptocurrency market is experiencing a steady recovery as geopolitical tensions between Israel and Iran begin to ease. Ethereum (ETH) has rebounded sharply, climbing from its recent low of $2,113 to approach $2,425. This renewed momentum has also benefited memecoins, particularly SPX6900 (SPX).

SPX is currently posting impressive daily gains of 6%, extending its weekly rally to over 18%. A key technical pattern is signaling further upside potential for SPX. On the 4-hour chart, SPX is forming a bullish extension of a Bearish Butterfly harmonic pattern. This pattern is known for forecasting one last upside leg before a reversal zone. Despite the name, butterfly patterns can provide bullish opportunities until they reach the final D point.

The pattern begins at the local high of $1.7103 (point X), dipping to $0.9236 (point A), forming the XA leg. From there, SPX rebounded to $1.4098 (point B), a 61.8% retracement of XA. The next move down to $1.09 (point C) marked a healthy 64.0% retracement of the AB leg. Now, the CD leg is developing and pointing higher.

According to the harmonic structure, if the CD leg completes successfully, the next target is around $1.92, marked by the 1.272 Fibonacci extension of the XA leg. Beyond that, the 1.618 extension at $2.19 also comes into play—often viewed as a final exhaustion zone for butterfly setups.

Currently trading around $1.25, SPX is approaching a critical test of the 100-day moving average at $1.31. A confirmed breakout above this level could open the door to a move toward $1.92, offering nearly 52% upside from current prices. If bullish momentum continues across the broader crypto market, SPX could even overshoot toward the 1.618 extension at $2.19—a 73% potential gain from here.

However, if SPX fails to hold above the $1.09 support zone or gets rejected below the 100 MA, a period of sideways consolidation or a short-term pullback might follow before any sustainable move resumes.