SPX6900 Surges 230% Then Corrects 25% After Golden Cross

SPX6900, a cryptocurrency, experienced a significant rally from May to mid-June, with its price surging over 230% and peaking just below its all-time high of $1.77. This parabolic advance was triggered by a golden cross on May 6, when the 50-day Exponential Moving Average (EMA) crossed above the 200-day EMA, a bullish signal in technical analysis. Following this crossover, SPX6900 accelerated through successive resistance zones, initiating a multi-leg parabolic advance.

The rally unfolded in four accelerating legs, each followed by shallow pullbacks, a structure that often signals a blow-off top or exhaustion phase, especially when volume and sentiment spike at the peak. A temporary top formed on June 11 as the price began to fade under $1.70. The correction intensified on June 14, driven by heavy profit-taking, and is now consolidating above key support at $1.30.

Indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) point to a cool-off rather than a collapse. The RSI has dropped from 75 to 40.19, cooling from overbought territory, while the MACD shows a bearish crossover, confirming waning momentum. The Balance of Power is soft at 0.12, while BBTrend and BBP show weakening bullish energy. These indicators align with a standard post-rally reset, suggesting a base is likely forming between $1.30–$1.35.

Derivatives also flash warning signs. Open interest reached an all-time high of $171.7M on June 13 but rapidly fell by 25% as the price retraced. Long/short ratios flipped bearish across major exchanges, indicating that traders began aggressively closing long positions or opening shorts as the rally lost momentum. Bybit, which led trading volume, also saw over $13M in net outflows.

Spot flow reversal confirms profit-taking. On-chain flows show over $6.4M in net outflows on June 14 alone, with additional daily exits continuing through June 17. Coinbase saw light inflows, but Kraken and OKX recorded significant net exits, confirming that the move was not retail-driven accumulation but strategic unloading.

SPX6900 currently trades at $1.39. Holding $1.30 support could see the price test $1.50 and potentially retarget the $1.71 all-time high by late June. A breakout may push SPX6900 toward $2.00. If $1.30 fails, downside targets include $1.18 and $1.05. For now, SPX6900 shows signs of stabilizing. Traders should watch for volume return near $1.50 and RSI flattening to confirm bullish continuation. SPX6900’s rally followed technical structure, and its cooldown reflects healthy market rotation. A breakout or breakdown in coming sessions will define the next meme cycle leg.