SPX Memecoin Surges 20% in 24 Hours, Reaching 13-Day High

SPX, an Ethereum-based memecoin, has experienced a significant rebound, becoming the top gainer of the day. Its price surged by 20% over the past 24 hours, reaching a 13-day high of $0.62. This recovery follows a recent dip to an all-time low of $0.25, which occurred on March 11. The altcoin's strong performance has led to growing bullish momentum, suggesting a potential recovery of recent losses and a climb to multi-month highs.

SPX's recent surge is a result of investors seizing the buying opportunity created by its all-time low. Over the past 13 days, the token has climbed steadily, reaching a price of $0.61 at the time of reporting. This represents a 148% increase from its all-time low. The altcoin's daily chart indicates that it is poised to break above the Leading Span A of its Ichimoku Cloud indicator, reflecting the spike in demand for the meme coin.

The Ichimoku Cloud is a technical analysis tool that tracks the momentum of an asset’s market trends and identifies potential support and resistance levels. Its Leading Span A represents the midpoint between the Conversion Line and the Base Line, helping traders identify potential support and resistance levels. When an asset’s price attempts to climb above this line, it signals a bullish shift in market trends. Therefore, a potential SPX price breakout above the cloud confirms the growing bullish pressure in the market and hints at an extended price rally.

Furthermore, SPX’s rising Open Interest supports this bullish outlook. Open Interest tracks the total number of outstanding derivative contracts that have not been settled. When it climbs alongside an asset’s price, it indicates strong market participation. This confirms the strength of SPX’s current trend, suggesting that new money is entering the market to support its price movement.

Since the rally began, SPX has traded above an ascending trend line, which is a bullish pattern formed when an asset’s price consistently makes higher lows, indicating a steady upward trajectory. This pattern signals strong buying pressure and serves as a support level, suggesting that SPX is in a bullish trend. If this continues, its price could break above the Leading Span A to reach $0.67. However, a resurgence in profit-taking activity could invalidate this bullish outlook, potentially causing the altcoin’s price to plummet to $0.40.