SPX6900 Breaks Boundaries and Hits a New ATH, Is a Sky-High Run Underway?

• SPX6900 has gained over 22% and is now trading at $1.82.
• Its daily trading volume has surged by more than 126%.

With a 2.08% spike, the crypto market cap has reached $3.75 trillion. All the major assets are charted in green, making a move toward former levels. Bitcoin trades at $118.8K, and the largest altcoin, Ethereum, hovers at around $3.1K. Meanwhile, SPX6900 (SPX) has recorded a steady gain of over 22.95%, securing the top spot among the 24-hour gainers. Notably, SPX has hit its new ATH at $1.85.

In the early hours, the asset traded at its lowest price range of $1.45. As the bullish command reinforced, SPX6900 has likely climbed toward a high of around $1.85, breaking the key resistance levels between $1.46 and $1.83. As per CMC data, at the time of writing, SPX traded at the $1.81 zone, with its daily trading volume having surged by over 126%, reaching $172 million.

SPX has gained over 24% in the last seven days, with the asset opening the week trading at a low of $1.39. After a series of ups and downs, the potent bulls have triggered a positive price trajectory, reaching the current trading level.

Can SPX6900 Extend Its Winning Run?

SPX6900’s uptrend on the price graph appears after lighting up the green candles, entering the bullish zone. The active bulls might push the price to move up toward the $1.86 zone. Further correction on the upside could trigger the golden cross and send it above the $1.93 range. If the bears are awake, the price chart may turn red, falling and testing the immediate $1.75 support. An extended downside correction could drive the SPX6900 price toward a level below $1.68, forming the death cross.

Moreover, the technical analysis shows that the Moving Average Convergence Divergence (MACD) line of SPX has crossed above the signal line. This crossover likely indicates a bullish momentum with the possibility of an upward movement. Besides, SPX6900’s Chaikin Money Flow (CMF) indicator value found at 0.11 suggests a moderate buying pressure in the market, with the capital flowing into the asset than out, which likely displays a bullish sentiment.

The asset’s daily Relative Strength Index (RSI) is stationed at 66.62, hinting at the strong upward momentum that might approach the overbought territory. Furthermore, SPX6900’s Bull Bear Power (BBP) value of 0.3437 pointed to a moderate bullish upper hand in the market. This has the potential for a continued upward price action.