• SPX6900 (SPX) surged nearly 16.56% over the past 24 hours.
• Weekly gains exceed 25%, showing strong market momentum.
• An inverse head-and-shoulders pattern may signal a bullish reversal.
• Critical support at $0.58 will influence the next price movement.

SPX6900 (SPX) continues its sharp upward price trajectory, surging 16.56% over the last 24 hours. Weekly performance is even more impressive, with gains of 25.39%. This growth reflects growing market activity and stronger buyer confidence.

At the time of writing, SPX is trading at $0.7103.Its 24-hour trading volume is $35.91 million, down 21.25% from yesterday. Despite lower volume, the project’s market capitalization has climbed to $645.8 million, a 12.33% increase. This reinforces the strong bullish trend and highlights sustained demand for SPX6900.

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Potential Inverse Head-and-Shoulders Pattern Forming

The chart suggests SPX6900 may be forming an inverse head-and-shoulders pattern, a bullish reversal structure indicating trend exhaustion. The left shoulder, head, and right shoulder are clearly outlined, but the pattern is still incomplete. For the pattern to remain valid, the critical support at $0.58 must hold; breaking this level would invalidate the setup.

If buyers defend $0.58 and the right shoulder completes, the price must rise and close above the neckline at $0.73–$0.75 to confirm a breakout. A successful breakout signals strengthening momentum and triggers the measured-move target based on the distance between the head and neckline. This move typically leads to accelerated upside continuation, supported by the bullish dotted projection on the chart.

Once confirmed, the inverse head-and-shoulders pattern forms several projections targeting the upside: a conservative target of $0.82, a mid-range target of $0.95, as well as a full measure move targeting between $1.00 and $1.10. These correspond with the chart’s outlined course. However, if the closing value goes below $0.58, all previous bullish projections will expire, and new support levels will come into play.

Technical Indicators Show Early Momentum Shift

The value of the RSI for SPX6900 shows that it remains in the mid-40s, moving towards a recovery position from its downtrend. Although it is still below the value of 50, its positive movement shows that the rate of selling is slowing down. This shift indicates early momentum rebuilding as buyers begin to regain control.

But the MACD is still in a bearish zone with the MACD line below the zero line as well as the signal line. However, the minimizing bar in the histogram indicates diminishing bears. Although a bullish cross is not seen, this is often likely to precede a likely reversal, implying that the SPX will prepare for some further rises.

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