SPX6900 Breaks Out and Gains Momentum
SPX6900 (SPX) rose nearly 1% on Monday, continuing its uptrend for six days. The meme coin broke out of a falling channel on the daily chart. This triggered a bullish crossover between the 50-day and 100-day Exponential Moving Averages (EMAs), signaling a stronger short-term recovery.
The rally is approaching the 1.272 Fibonacci extension level at $1.6950. This level is based on the price move from $1.4804 on September 17 to $0.9000 on Tuesday. If SPX pushes above $1.6950, the next target is the 1.618 Fibonacci extension at $2.0135.
Technical indicators support the bullish trend. The Relative Strength Index (RSI) is at 66, showing strong buying pressure. The Moving Average Convergence Divergence (MACD) has crossed above zero, confirming rising momentum.
If SPX reverses, it may retest the support level at $1.4804, which was a previous resistance.
Mantle Hits New High and Eyes More Gains
Mantle (MNT) reached a new record above $2.00 after gaining nearly 8% on Sunday. On Monday, MNT rose 1%, challenging the resistance trendline of a rising wedge pattern on the daily chart.
Rising wedges usually signal a price drop. But if MNT breaks above the $2.15 trendline, it could confirm a bullish breakout and extend the uptrend.
The RSI is at 68, showing steady buying below the overbought zone. The MACD is also rising, indicating renewed bullish momentum.
If MNT fails to break the resistance, it may fall to the support trendline near $1.85.
Injective Struggles at 200-Day EMA
Injective (INJ) gained over 5% on Monday, adding to a 1% rise on Sunday. The price faces resistance at the 200-day EMA around $13.55.
If INJ breaks above this level, it could test the resistance trendline of a symmetrical triangle at $14.20. Further resistance lies at $14.95, the 50% retracement from the $35.26 high on December 6 to the $6.34 low on April 7.
The RSI is at 52 and rising, showing renewed buying interest. The MACD remains above its signal line after a crossover last Thursday.
If INJ reverses from the 200-day EMA, it may retest support near $11.60.
