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SPX surges 23% to new ATH: THESE levels will decide the memecoin’s next moves
In a stunning turn of events, SPX has surged 23% to reach an all-time high. The price action has left many wondering what comes next for this highly volatile asset.
The recent rally is largely attributed to accumulating sentiment and increased demand from institutional investors. In fact, $1.47 million worth of additional tokens were purchased during the rally, highlighting the growing interest in this memecoin. Furthermore, spot market acquisitions have seen a surge, with total accumulation across exchanges reaching an astonishing $4.99 million.
As the memecoin approaches new highs, analysts are warning of potential short-term volatility. According to technical analysis, SPX’s recent price action has pushed it into overbought territory, potentially paving the way for a pullback towards the middle band level near $1.58.
Despite this, data suggests that the broader bull run remains intact. In fact, SPX has ranked third on CoinMarketCap’s Altcoin 90-Day Index with an astonishing 295.68% gain over the past 90 days. This is particularly notable given that the top five entries are all memecoins, indicating a significant shift in market sentiment.
It is essential to keep in mind that these levels will decide the memecoin’s next moves. A short-term dip could be on the cards before the price trends higher again, and investors should be prepared for potential volatility.
Source: ambcrypto.com
