SPX6900 Price Drops Nearly 5% After Trendline Rejection
The price of SPX6900 (SPX) fell by almost 5%, trading around $0.98 on Tuesday. This drop happened after the coin was rejected at a previously broken trendline. Technical signals suggest the price may fall further, possibly reaching $0.81 soon.
Derivatives Data Shows Bearish Sentiment for SPX
Futures Open Interest (OI) for SPX dropped to $9.94 million on Tuesday. This is down from $18.96 million on October 7. The OI has been falling since July, showing less investor interest and weaker market sentiment.
The long-to-short ratio for SPX is 0.86, the lowest in over a month. This means more traders are betting on the price to fall.
Technical Indicators Support Bearish Outlook
SPX6900’s price fell over 24% last week after rejection near the 50-day Exponential Moving Average (EMA). The coin gained slightly over the weekend and Monday but dropped again on Tuesday.
The Relative Strength Index (RSI) is at 41, below the neutral 50 level, showing growing bearish momentum. The Moving Average Convergence Divergence (MACD) had a bearish crossover last week, which remains active.
If SPX recovers and breaks above the trendline, it could rise toward the 50-day EMA at $1.22. Otherwise, the price may continue down to the May 27 low of $0.81.
