SPX6900 Price Falls Below $0.77 After Recent Drop
SPX6900 (SPX) continues to drop, trading under $0.77 on Monday. The coin fell 22% last week. Derivatives data show growing bearish sentiment. SPX’s Open Interest (OI) is down, and more traders are placing bearish bets. Technical analysis suggests the price may fall further toward $0.63.
Derivatives Data Show Increasing Bearish Signals for SPX6900
Derivatives metrics point to a negative outlook for SPX6900. CoinGlass data shows the long-to-short ratio at 0.83, the lowest in over a month. This means bearish bets are rising.
- Futures Open Interest fell to $9.3 million on Monday.
- This is down from $18.96 million on October 7.
- OI has been declining since July, reflecting less investor interest.
These trends confirm weakening market sentiment for the SPX meme coin.
Price Forecast: SPX6900 Bears Take Control, Price May Drop to $0.63
SPX6900 lost more than 22% last week after being rejected near the 50-day EMA at $1.11. It retested the May 27 low of $0.81. On Monday, the price extended its drop by 13%, trading at $0.75.
If the downtrend continues, SPX6900 could reach daily support at $0.63. The Relative Strength Index (RSI) is at 35, showing strong bearish momentum. The Moving Average Convergence Divergence (MACD) shows a bearish crossover, adding to the negative outlook.
If SPX6900 recovers, it could rise to daily resistance at $1.02.
